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Global food prices rose for three consecutive months in October, setting a 10-year high

 Last Update: 2021-11-11
 Source: Internet
 Author: User

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Foreign media news on November 4: The Food and Agriculture Organization of the United Nations ( FAO ) said on Thursday that global food prices rose for the third consecutive month in October, hitting a 10-year high due to the increase in grain and vegetable oil prices
.

The FAO Food Price Index averaged 133.
2 points in October, which was higher than the revised 129.
2 points in September (previously estimated at 130.
0 points), the highest value since July 2011, and an increase of 31.
3% from October last year
.

In the past year, due to the decline in global cereal harvests, strong demand has boosted the price of agricultural products to rise sharply
.

The FAO Grain Price Sub-Index rose 3.
2% month-on-month in October, mainly due to a 5% increase in wheat prices
.

　　In fact, wheat prices have risen for five consecutive months and hit the highest level since November 2012
.

　　The FAO report pointed out that major exporting countries, especially Canada, Russia and the United States, have reduced wheat production, and global supply has tightened, which continues to put upward pressure on prices
.

　　In early November this year, the global benchmark Chicago wheat futures hit a new high, which was also the highest price since 2012
.
Euronext's milling wheat futures also hit a record high because import demand remains strong
.

　　In October, FAO's vegetable oil sub-index rose by 9.
6%, a record high, mainly because the shortage of labor in Malaysian plantations continued to hinder palm oil production, boosting palm oil prices to strengthen further
.

　　However, the FAO sugar price sub-index fell 1.
8% in October, ending the previous six consecutive months of rising
.

　　On Thursday, FAO also lowered its 2021 global cereal production forecast to 2.
793 billion tons, lower than the 2.
80 billion tons expected a month ago
.
This mainly reflects the downward adjustment of wheat production estimates in Iran, Turkey and the United States, which offset the impact of the increase in coarse grain production
.

　　Global cereal production will still hit a record high, but it will be lower than demand, leading to a decline in inventories
.

Food and Agriculture Organization of the United Nations Food and Agriculture Organization Food Prices Cereal Vegetable Oil Prices

　　In the past year, due to the decline in global cereal harvests, strong demand has boosted the price of agricultural products to rise sharply
.

　　The FAO Grain Price Sub-Index rose 3.
2% month-on-month in October, mainly due to a 5% increase in wheat prices
.

　　In fact, wheat prices have risen for five consecutive months and hit the highest level since November 2012
.

　　However, the FAO sugar price sub-index fell 1.
8% in October, ending the previous six consecutive months of rising
.

　　Global cereal production will still hit a record high, but it will be lower than demand, leading to a decline in inventories
.

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