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On April 8, the United Nations Food and Agriculture Organization (FAO) released a report showing that the impact of the war in the Black Sea region spread to the staple food and vegetable oil markets, leading to a sharp jump in world food commodity prices to a record high in March
.
.
The FAO Food Price Index averaged 159.
3 points in March, up 12.
6% month-on-month after climbing to its highest level since its inception in 1990 in February
.
The index tracks monthly changes in international prices for the most traded basket of food commodities
.
The March index level was 33.
6% higher than a year earlier
.
3 points in March, up 12.
6% month-on-month after climbing to its highest level since its inception in 1990 in February
.
The index tracks monthly changes in international prices for the most traded basket of food commodities
.
The March index level was 33.
6% higher than a year earlier
.
Revised and expanded FAO food price index in nominal and real prices FAO
The FAO Cereal Price Index rose 17.
1% month-on-month in March, mainly due to sharp increases in wheat and all coarse grains prices triggered by the war in Ukraine
.
In the past three years, Russia and Ukraine together accounted for about 30% and 20% of global wheat and corn exports, respectively
.
World wheat prices surged 19.
7% this month, fueled by concerns about the state of the U.
S.
crop
.
Meanwhile, corn prices rose 19.
1% month-on-month to record highs along with barley and sorghum prices
.
Rice prices vary by origin and quality, so the FAO Rice Price Index was little changed from February and is still down 10 percent from a year earlier
.
1% month-on-month in March, mainly due to sharp increases in wheat and all coarse grains prices triggered by the war in Ukraine
.
In the past three years, Russia and Ukraine together accounted for about 30% and 20% of global wheat and corn exports, respectively
.
World wheat prices surged 19.
7% this month, fueled by concerns about the state of the U.
S.
crop
.
Meanwhile, corn prices rose 19.
1% month-on-month to record highs along with barley and sorghum prices
.
Rice prices vary by origin and quality, so the FAO Rice Price Index was little changed from February and is still down 10 percent from a year earlier
.
The FAO Vegetable Oil Price Index rose by 23.
2% month-on-month due to higher quotations for sunflower oil, the world's leading exporter of sunflower oil
.
Rising sunflower and crude oil prices also led to sharp gains in palm, soybean and canola oil prices, with soybean oil further supported by concerns over lower exports from South America
.
2% month-on-month due to higher quotations for sunflower oil, the world's leading exporter of sunflower oil
.
Rising sunflower and crude oil prices also led to sharp gains in palm, soybean and canola oil prices, with soybean oil further supported by concerns over lower exports from South America
.
The FAO Sugar Price Index rose 6.
7 percent from February, reversing earlier losses and more than 20 percent above its level a year earlier
.
The factors driving the price recovery are higher international crude oil prices and the appreciation of Brazil's currency, the real, while a better outlook for Indian production has restrained further gains in sugar prices this month
.
7 percent from February, reversing earlier losses and more than 20 percent above its level a year earlier
.
The factors driving the price recovery are higher international crude oil prices and the appreciation of Brazil's currency, the real, while a better outlook for Indian production has restrained further gains in sugar prices this month
.
The FAO Meat Price Index rose 4.
8 percent in March to its highest level on record, driven by a surge in pork prices due to a hog shortage in Western Europe
.
Poultry meat prices also remained firm as supplies from major exporters were reduced due to the avian flu outbreak
.
8 percent in March to its highest level on record, driven by a surge in pork prices due to a hog shortage in Western Europe
.
Poultry meat prices also remained firm as supplies from major exporters were reduced due to the avian flu outbreak
.
The FAO Dairy Price Index rose by 2.
6 percent month-on-month and 23.
6 percent year-on-year, respectively, due to a surge in import demand for near-term and forward-delivery deliveries, especially in Asia, resulting in a sharp rise in quotations for butter and milk powder
.
6 percent month-on-month and 23.
6 percent year-on-year, respectively, due to a surge in import demand for near-term and forward-delivery deliveries, especially in Asia, resulting in a sharp rise in quotations for butter and milk powder
.
Grain forecast update
FAO also released the latest issue of Cereal Supply and Demand Brief today, in which global wheat production in 2022 is expected to reach 784 million tons, an increase of 1.
1% year-on-year
.
This forecast takes into account the following factors: direct crop damage, limited access to farmland or lack of means to harvest crops will result in at least 20% of Ukraine's winter sown area not being harvested, particularly winter wheat; reports from Russia suggest weather conditions Continued improvement; and production outlook trends in China, EU, India, North America and elsewhere
.
Prospects for coarse grains production remain favourable in Argentina, Brazil and South Africa
.
1% year-on-year
.
This forecast takes into account the following factors: direct crop damage, limited access to farmland or lack of means to harvest crops will result in at least 20% of Ukraine's winter sown area not being harvested, particularly winter wheat; reports from Russia suggest weather conditions Continued improvement; and production outlook trends in China, EU, India, North America and elsewhere
.
Prospects for coarse grains production remain favourable in Argentina, Brazil and South Africa
.
Global cereal production, utilization and stocks FAO
The FAO Crop Year Summary for 2021 shows that world cereal production is estimated at 2.
799 billion tonnes, a slight increase from 2020, with rice production reaching a record high of 520.
3 million tonnes (in milled terms)
.
799 billion tonnes, a slight increase from 2020, with rice production reaching a record high of 520.
3 million tonnes (in milled terms)
.
Global cereal consumption in 2021/22 is forecast at 2.
789 billion tonnes, with rice consumption set to break a record and corn and wheat consumption are also expected to be higher
.
789 billion tonnes, with rice consumption set to break a record and corn and wheat consumption are also expected to be higher
.
Global cereal stocks at the end of 2022 are forecast to rise by 2.
4 percent from their opening levels, mainly due to higher wheat and maize inventories in Russia and Ukraine following lower export expectations
.
The global cereal stocks-to-consumption ratio in 2021/22 is forecast at 29.
7 percent, only slightly lower than the previous season, FAO said, "still indicating relatively good levels of supply"
.
4 percent from their opening levels, mainly due to higher wheat and maize inventories in Russia and Ukraine following lower export expectations
.
The global cereal stocks-to-consumption ratio in 2021/22 is forecast at 29.
7 percent, only slightly lower than the previous season, FAO said, "still indicating relatively good levels of supply"
.
Based on currently available information, FAO's forecast for world cereal trade in the current marketing year has been revised down to 469 million tonnes, a contraction from 2020/21 levels, mainly due to the war in Ukraine
.
Forecasts point to higher wheat exports from the European Union and India, while increased corn shipments from Argentina, India and the United States partially offset losses in the Black Sea region
.
.
Forecasts point to higher wheat exports from the European Union and India, while increased corn shipments from Argentina, India and the United States partially offset losses in the Black Sea region
.
learn more
FAO Food Price Index
https://
FAO Cereal Supply and Demand Brief
https:// On April 8, the United Nations Food and Agriculture Organization (FAO) released a report showing that the impact of the war in the Black Sea region spread to the staple food and vegetable oil markets, leading to a sharp jump in world food commodity prices to a record high in March
.
Grain Vegetable Oil Price.
The FAO Food Price Index averaged 159.
3 points in March, up 12.
6% month-on-month after climbing to its highest level since its inception in 1990 in February
.
The index tracks monthly changes in international prices for the most traded basket of food commodities
.
The March index level was 33.
6% higher than a year earlier
.
3 points in March, up 12.
6% month-on-month after climbing to its highest level since its inception in 1990 in February
.
The index tracks monthly changes in international prices for the most traded basket of food commodities
.
The March index level was 33.
6% higher than a year earlier
.
Revised and expanded FAO food price index in nominal and real prices FAO
Revised and expanded FAO food price index in nominal and real prices FAO The FAO Cereal Price Index rose 17.
1% month-on-month in March, mainly due to sharp increases in wheat and all coarse grains prices triggered by the war in Ukraine
.
In the past three years, Russia and Ukraine together accounted for about 30% and 20% of global wheat and corn exports, respectively
.
World wheat prices surged 19.
7% this month, fueled by concerns about the state of the U.
S.
crop
.
Meanwhile, corn prices rose 19.
1% month-on-month to record highs along with barley and sorghum prices
.
Rice prices vary by origin and quality, so the FAO Rice Price Index was little changed from February and is still down 10 percent from a year earlier
.
1% month-on-month in March, mainly due to sharp increases in wheat and all coarse grains prices triggered by the war in Ukraine
.
In the past three years, Russia and Ukraine together accounted for about 30% and 20% of global wheat and corn exports, respectively
.
World wheat prices surged 19.
7% this month, fueled by concerns about the state of the U.
S.
crop
.
Meanwhile, corn prices rose 19.
1% month-on-month to record highs along with barley and sorghum prices
.
Rice prices vary by origin and quality, so the FAO Rice Price Index was little changed from February and is still down 10 percent from a year earlier
.
The FAO Vegetable Oil Price Index rose by 23.
2% month-on-month due to higher quotations for sunflower oil, the world's leading exporter of sunflower oil
.
Rising sunflower and crude oil prices also led to sharp gains in palm, soybean and canola oil prices, with soybean oil further supported by concerns over lower exports from South America
.
2% month-on-month due to higher quotations for sunflower oil, the world's leading exporter of sunflower oil
.
Rising sunflower and crude oil prices also led to sharp gains in palm, soybean and canola oil prices, with soybean oil further supported by concerns over lower exports from South America
.
The FAO Sugar Price Index rose 6.
7 percent from February, reversing earlier losses and more than 20 percent above its level a year earlier
.
The factors driving the price recovery are higher international crude oil prices and the appreciation of Brazil's currency, the real, while a better outlook for Indian production has restrained further gains in sugar prices this month
.
7 percent from February, reversing earlier losses and more than 20 percent above its level a year earlier
.
The factors driving the price recovery are higher international crude oil prices and the appreciation of Brazil's currency, the real, while a better outlook for Indian production has restrained further gains in sugar prices this month
.
The FAO Meat Price Index rose 4.
8 percent in March to its highest level on record, driven by a surge in pork prices due to a hog shortage in Western Europe
.
Poultry meat prices also remained firm as supplies from major exporters were reduced due to the avian flu outbreak
.
8 percent in March to its highest level on record, driven by a surge in pork prices due to a hog shortage in Western Europe
.
Poultry meat prices also remained firm as supplies from major exporters were reduced due to the avian flu outbreak
.
The FAO Dairy Price Index rose by 2.
6 percent month-on-month and 23.
6 percent year-on-year, respectively, due to a surge in import demand for near-term and forward-delivery deliveries, especially in Asia, resulting in a sharp rise in quotations for butter and milk powder
.
6 percent month-on-month and 23.
6 percent year-on-year, respectively, due to a surge in import demand for near-term and forward-delivery deliveries, especially in Asia, resulting in a sharp rise in quotations for butter and milk powder
.
Grain forecast update
Grain forecast update FAO also released the latest issue of Cereal Supply and Demand Brief today, in which global wheat production in 2022 is expected to reach 784 million tons, an increase of 1.
1% year-on-year
.
This forecast takes into account the following factors: direct crop damage, limited access to farmland or lack of means to harvest crops will result in at least 20% of Ukraine's winter sown area not being harvested, particularly winter wheat; reports from Russia suggest weather conditions Continued improvement; and production outlook trends in China, EU, India, North America and elsewhere
.
Prospects for coarse grains production remain favourable in Argentina, Brazil and South Africa
.
1% year-on-year
.
This forecast takes into account the following factors: direct crop damage, limited access to farmland or lack of means to harvest crops will result in at least 20% of Ukraine's winter sown area not being harvested, particularly winter wheat; reports from Russia suggest weather conditions Continued improvement; and production outlook trends in China, EU, India, North America and elsewhere
.
Prospects for coarse grains production remain favourable in Argentina, Brazil and South Africa
.
Global cereal production, utilization and stocks FAO
Global cereal production, utilization and stocks FAO The FAO Crop Year Summary for 2021 shows that world cereal production is estimated at 2.
799 billion tonnes, a slight increase from 2020, with rice production reaching a record high of 520.
3 million tonnes (in milled terms)
.
799 billion tonnes, a slight increase from 2020, with rice production reaching a record high of 520.
3 million tonnes (in milled terms)
.
Global cereal consumption in 2021/22 is forecast at 2.
789 billion tonnes, with rice consumption set to break a record and corn and wheat consumption are also expected to be higher
.
789 billion tonnes, with rice consumption set to break a record and corn and wheat consumption are also expected to be higher
.
Global cereal stocks at the end of 2022 are forecast to rise by 2.
4 percent from their opening levels, mainly due to higher wheat and maize inventories in Russia and Ukraine following lower export expectations
.
The global cereal stocks-to-consumption ratio in 2021/22 is forecast at 29.
7 percent, only slightly lower than the previous season, FAO said, "still indicating relatively good levels of supply"
.
4 percent from their opening levels, mainly due to higher wheat and maize inventories in Russia and Ukraine following lower export expectations
.
The global cereal stocks-to-consumption ratio in 2021/22 is forecast at 29.
7 percent, only slightly lower than the previous season, FAO said, "still indicating relatively good levels of supply"
.
Based on currently available information, FAO's forecast for world cereal trade in the current marketing year has been revised down to 469 million tonnes, a contraction from 2020/21 levels, mainly due to the war in Ukraine
.
Forecasts point to higher wheat exports from the European Union and India, while increased corn shipments from Argentina, India and the United States partially offset losses in the Black Sea region
.
.
Forecasts point to higher wheat exports from the European Union and India, while increased corn shipments from Argentina, India and the United States partially offset losses in the Black Sea region
.
learn more
learn more FAO Food Price Index
https://
FAO Cereal Supply and Demand Brief
https://
