The FAO’s vegetable oil price index climbed 12 percent compared with June, breaking a run of seven straight monthly declines, the agency said.
Sunflower oil rebounded by more than 15 percent month-on-month, mainly because of uncertainty created by Russia’s decision to quit the Black Sea Grain Initiative to allow shipments from Ukraine, the FAO said.The FAO’s cereal price index edged down 0.5 percent in July, as a drop in coarse grain markets offset higher levels for wheat and rice.
Maize prices fell on the prospect harvesting in South America and U.S. production will replenish stocks. In contrast, doubts over Ukrainian exports and dry weather in North America boosted wheat prices, and the rice index climbed to its highest in almost 12 years following an Indian export ban, the FAO said.
It reiterated its worries over the impact of the rising cost of rice, citing “substantial food security concerns for a large swathe of the world population, especially those that are most poor”.The sugar price index shed nearly 4 percent in July, marking a second straight monthly drop on favorable supply prospects in Brazil and India, though prices were nearly 30 percent above a year ago.Your subscription could not be saved. Please try again.
Source: Financial Digest (financialdigest.net)
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