The Food and Agricultural Organisation anticipates that the world’s grain production would reach a record high in 2023 and 2024 in its most recent grain Supply and Demand Brief.
According to ThisDay, the assessment, which was published on the FAO website, increased the prediction for world cereal production in 2023 to 2, 819 million tonnes, a rise of 1.1% from the previous year.
In the meantime, the FAO’s food price index reported that food commodity prices fell by 1.4%, with the reduction being driven by prices of major cereals and vegetable oils.
The international prices of frequently traded food commodities are monitored monthly by the FAO Food Price Index.
The FAO also noted that the Cereal Price Index fell 2.1% from May while international coarse grain quotations fell 3.4% in June, declines caused by increased maize supplies from ongoing harvests in Argentina and Brazil as well as improved output prospects in important American producing regions.
The FAO Vegetable Oil Price Index fell by 2.4 percent from May as lower international prices for palm and sunflower oils outweighed higher quotations for soy and rapeseed oil, which were affected by the weather in important growing regions.
Even as global butter prices increased due to strong demand for spot supply, primarily from the Middle East, the FAO’s Dairy Price Index fell by 0.8% in June, led by lower international cheese prices.
The FAO Sugar Price Index fell by 3.2%, its first decrease following four consecutive months of rises. This dip was mostly caused by Brazil’s sugarcane harvest, which is progressing well, and a weakening demand for imports globally, particularly from China.
