The Food and Agriculture Organization's (FAO) price index, which tracks the most globally traded food commodities, averaged 118.5 points in December, down 1.5 per cent from November and 10.1 per cent below December 2022 levels.
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World food price index ends 2023 some ten per cent below 2022 levels
Cereal prices, vegetable oils slumped most over the year, FAO says
Commodity prices to remain high in 2024, drop in 2025 – HSBC
Most agricultural products expected to outperform energy, industrial metals amid supply constraints, dry weather
Squeezed supply, improved Chinese demand and the global energy transition will keep commodity prices elevated in 2024, before falling the following year, forecasted British banking group HSBC today.
EU wheat prices set for annual fall as Black Sea trade withstands war
War in Ukraine propelled grain prices to record highs in 2022, but prices subsided this year
Euronext wheat edged up on Friday but was set for a sharp decline over the year after stiff export competition from the Black Sea region eased worries about war disruption to the grain trade.
Argentina’s Milei to seek 15 per cent export tax hike on some grains: source
The new president pledged "shock" measures to fix the country's economic crisis
Argentina's new government of libertarian President Javier Milei will seek to raise export taxes to 15 per cent on some grains, though that would not impact tariffs on soy, an industry source told Reuters on Wednesday.
Baltic Dry Index at 18-month high
Restrictions at the Panama Canal and congestion at Brazilian ports behind rate hike
The Baltic Dry Index (BDI), a major indicator of bulk shipping rates, has climbed sharply higher over the past few weeks to hit its highest level in 18 months.
Australian crops improve, but well off recent records
Winter crop harvest reportedly progressing quicker, earlier than recent years
Australia’s winter crop production likely beat earlier expectations but will still be down considerably compared to the record-large production in recent years, according to the latest crop report from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
Canadian wheat, canola harvests expand, rebound from dry conditions
Global wheat ending stocks have fallen four years in a row on tough weather conditions
Canadian farmers will harvest more wheat and canola than was expected several months ago, as crops rallied from dry conditions that threatened yields, a government report showed on Monday.
How El Niño threatens emerging market economies
Significant changes to rainfall, or prolonged droughts, could also impact hydropower output, boost food, fuel prices
London | Reuters – Countries around the world are battling heatwaves and floods fueled by El Niño, a naturally occurring climate phenomenon that has a 90 per cent probability of […] Read more
Corteva cuts sales forecast on weak demand for crop protection products
Net seed sales rose eight per cent from a year ago, aided by strong prices and increased corn acres
Reuters – Agricultural chemical and seed company Corteva CTVA.N cut its annual sales expectations as demand for its crop protection products showed signs of contraction. Rise in carrying cost of […] Read more
Russia strikes Ukraine’s Danube port, sending global grain prices higher
Port hit on Danube opposite NATO-member Romania; Kyiv says aim is to intimidate shippers considering return
Kyiv | Reuters – Russia attacked Ukraine’s main inland port across the Danube River from Romania on Wednesday, sending global food prices higher as it ramps up its use of […] Read more