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Agrotech, Company News, Environment, Sustainability, Vegetables, World

The hydroponic indoor vertical farming company is known for its unique and flavorful luxury salad greens, speciality herbs

Farm.One announces it has secured long-term growth capital from DK-Bell Holding Company and has re-opened its Neighborhood Farm in Prospect Heights, Brooklyn. The hydroponic indoor vertical farming company is known for its unique and flavorful luxury salad greens, speciality herbs, edible flowers and microgreens serving local chefs and its Farm Membership direct-to-consumer program. DK-Bell is a family investment office funded by its Managing Partner, Derek Pitts, that seeks to make long-term, strategic investments in Food & Agritech and, more specifically, controlled environment agriculture (CEA).

Farm.One’s low-volume, high-touch, ‘kitchen table’ approach has brought accolades from both local residents and star chefs. The farm is visitable and transparent, and locals can simply walk in off the street. Chefs and consumers receive their greens from Farm.One just hours after harvest. Greens are packed and delivered in returnable containers which make their way back to Farm.One, eliminating plastic waste. Complementary products are available through Farm.One’s online Farmers Market.

The farm will feature a 1,500-square-foot showroom and private event space – The Pavilion – a plant-filled gathering spot for up to 70 guests. Also new is the Farm.One beverage program (smoothies, seltzers, juices and 0 ABV) will further showcase the variety of unique botanical ingredients grown on the farm. This will allow people to experience fresh, unique flavours in exciting ways.

The first weekly harvests of greens and salad mixes were completed and made available to local members in February. Sales to Michelin-star-rated and other high-end restaurants have resumed. In April, the farm will open to the public and offer tasting tours, classes and events giving visitors the opportunity to explore and learn more about neighbourhood vertical farming and how its products can easily fit into everyday life.

The hydroponic indoor vertical farming company is

Acquaculture, Agrotech, Company News, Environment, R&D, Sustainability, World

FlowFeeder is gentler on pellets than air-blown systems and enhances feeding regimens by minimising lost feed days

Innovasea, a global leader in technologically advanced aquatic solutions for aquaculture and fish tracking, today introduced FlowFeeder, a waterborne feeding solution that gently delivers feed to fish below the surface, minimising pellet damage and loss that’s common with air-blown feeding systems.

“FlowFeeder provides a better way to feed fish because it gets more pellets directly into the pen underwater,” said Langley Gace, senior vice president of Innovasea. “Rather than blowing feed pellets onto the surface above the fish pen where they can drift away, FlowFeeder delivers the feed at the depths where fish prefer to congregate. That means less waste and better feed conversion ratios – one of the keys to profitability at any fish farm.”

FlowFeeder is an end-to-end feeding solution that can deliver feed to multiple pens from a single, centralised point. It mixes feed pellets with water on the feed vessel and then gently carries the mixture into the pens.

The waterborne delivery system requires less power than air-blown systems and can reduce energy costs by up to 50 per cent – with farms that use diesel generators to power their feeding operations shrinking their carbon footprint as a result. Waterborne delivery also reduces damage to feed pellets, which are often fractured when blown through pipes by an air compressor.

FlowFeeder features a proprietary feed dispenser that can be placed at the ideal feeding depth for the species – and it does a better job distributing the pellets throughout the pen for all fish.

Because the feed pellets are delivered at depth, FlowFeeder enables farm operators to feed even when there are heavy waves, strong currents or surface threats such as harmful algal blooms or sea lice. That keeps fish stocks safe and significantly reduces the number of lost feed days to help keep growth targets on track.

FlowFeeder is gentler on pellets than air-blown

Acquaculture, Agrotech, Company News, Finance, World

Funding expands production capacity into high-value products that replace fossil fuel and animal-based products in the cosmetic emulsifiers, agriculture, textiles, and plastics industries

Carbonwave, the world leader in upcycling the largest seaweed bloom on the planet into ultra-regenerative, plant-based, advanced biomaterials, announced an initial closing of its $5 million Series A round led by Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investment, with additional significant participation from Viridios Capital, Popular Impact Fund, and Katapult Ocean.

This investment round brings the total funding to date to $12 million and will be used to build large-scale cosmetics emulsifier production facilities in Puerto Rico to satisfy growing customer demand for biomaterials. The current Puerto Rico facility, used for R&D, has also successfully developed a leather alternative from Sargassum (the floating seaweed masses), which it will be launching soon. The Company has already developed Sarga Agriscience (Sarga Ag), a line of organic agricultural inputs made from Sargassum’s liquid compounds that increase yields, allow crops to survive drought more effectively, and reduce the need for nitrogen fertiliser. Sarga Ag products are being tested for large-scale application by some of the leading corporate growers in the world. In June 2022, Carbonwave won the Carbon to Value Challenge with BASF, Seafields, and the Alfred Wegner Institute to produce PET plastics. Additionally, Carbonwave has already sold half a ton of its SeaBalance2000, the world’s first seaweed-based cosmetic emulsifier, which was named ‘Best Functional Ingredient’ at In-Cosmetics Korea in 2022.

“In three short years, we’ve become the first company to build a scalable cascading biorefinery to create a commercially sustainable operation harnessing Sargassum into high-value products,” said Geoff Chapin, co-founder and CEO of Carbonwave. “Support from our investors and partners has allowed us to catalyze our proprietary technology and manufacturing process to turn the Caribbean’s seaweed crisis into an economic opportunity and a climate solution. We are producing viable alternatives that redirect demand from fossil fuel-based products by cost-effectively developing a wide range of regenerative, low-carbon, and plant-based alternatives that global industries are seeking to advance their sustainability and decarbonisation initiatives while contributing to the bio-circular economy.”

Funding expands production capacity into high-value products

AgroPolicy, Agrotech, R&D, Start ups, Supply Chain, Transportation

Draft Policy aims to harness new technology developed by Indian Start-ups and entrepreneurs.

In order to build a strong innovation ecosystem, the Ministry of Ports, Shipping and Waterways (MoPSW) issued draft on ‘Sagarmala Innovation and Start-up Policy’. This draft policy aims at nurturing start-ups and other entities to co-create the future of India’s growing maritime sector. This entails intensive collaboration of the organizations to build a strong eco-system facilitating innovation and Startups in the country that will drive sustainable growth and generate large scale employment opportunities. This enhances the cooperation and coordination between academic institutions, public sector, private sector and convergence of different schemes and programs to groom fresh ideas and approaches to resolve the issues and challenges to boost up the efficiency in the areas of operation, maintenance, and infrastructure development.

Sarbananda Sonowal, Union Minister, MoPSW stated that’ Sagarmala Innovation and Start-up Policy’ will surely promote innovation and entrepreneurship. Through this policy, MoPSW wants to enable start-ups to grow and prosper through innovations”.

The designed framework enables the distribution of responsibilities and benefits among the various stakeholders. This is not only limited to the existing stakeholders but also includes upcoming young entrepreneurs with innovative ideas.

Draft policy has identified several key areas for the startup to flourish including decarbonization, optimizing processes through data, maritime education, multi-modal transportation, manufacturing, alternate/ advance materials, maritime cybersecurity, smart communication and marine electronics.

Details of draft ‘Sagarmala Innovation and Start-up Policy’:

Digital Portal based selection of startups ensuring a transparent process

Grants to create a minimum viable product/ service (MVP), commercialization of proprietary technology including market entry or scaling up

Creation of ‘Launch pads’ at Ports for carrying out trials, facilitating pilot projects, establishing working space and adopting products and solutions

Annual Start-up Awards in the maritime sector recognizing distinguished efforts of innovation

Organizing Buyer-Seller Meetings and providing Technical Knowledge Support for VCs

Guidance to Non-Registered Start-ups and Individuals with promising ideas in Maritime Sector including registration of start-up and availing Department for Promotion of Industry and Internal Trade (DPIIT) recognition

Regulatory support in Tenders and Sub-contracting

Legal and accountancy back up to start-ups for IP-Patent filing, Company registration, annual filings and closures

The promotion of start-ups shall be through development of Maritime Innovation Hubs (MIH) which shall perform the following functions:

Develop incubators and accelerators with state-of-the-art facilities to cover all aspects of the startup journey from idea to scaled product.

Develop centralized repository containing all pertinent information to assist emerging entrepreneurs

Attract investment for eligible start-up businesses and innovative maritime technology

Entrepreneur development through ‘know-how’ sessions about the various aspects of the maritime industry and launching of innovation focused programs

Collaborate with national & international stakeholders for mentorship, knowledge sharing and facilitate access to global subject matter experts, serial entrepreneurs, business leaders, and investors with the potential to get their entry and scaling in India.

Draft Policy aims to harness new technology

Agro chems – Chemicals, Agrotech, Company News, India, R&D

New R&D Center will enable the company to develop a newer range of sustainable products at a faster pace and at a greater scale.

 Astec LifeSciences Limited, a subsidiary of Godrej Agrovet Limited (GAVL), launched its new advanced research and development (R&D) Center in Rabale, Maharashtra. Named the ‘Adi Godrej Center for Chemical Research and Development’, the facility will focus on leading-edge innovation and developing sustainable & safe solutions for people and the environment and providing services to innovator companies in Contract Development & Manufacturing space (CDMO).

Focused on new product generation, process optimization & scale-up along with product life-cycle management, the R&D Center will catalyse Godrej Group’s ambition to be an application-agnostic partner of choice for innovator companies in the rapidly growing chemical industry.

The state-of-the-art R&D Center is equipped with a synthesis lab for product synthesis and a formulation lab to develop new formulations in crop protection space. Supported with advanced analytical instruments to drive R&D, the center also houses sophisticated process safety infrastructure to undertake safe and sustainable chemical reactions.

Given its capabilities, the new R&D Center will enable the company to develop a newer range of sustainable products at a faster pace and at a greater scale, thereby adding value to its customers’ businesses, without compromising on ethics, safety and care for the environment.

Commenting on the launch, Nadir Godrej, Chairman, GAVL said, “The launch of the R&D Center in Rabale is a significant milestone for Astec LifeSciences in our quest to tap immense potential in the chemical industry. Designed to be a hub of cutting-edge research and development, equipped with state-of-the-art facilities and staffed by some of the brightest minds in the field, at Godrej, we continue to foster curiosity and culture of innovation.”

Emphasizing on the need to invest in setting up a new R&D Center, Balram Singh Yadav, Managing Director, GAVL said, “India is an emerging frontier in the chemicals space. However, harnessing its full potential will require an enabling eco-system and that’s where this R&D Center comes in. The potential in this sector, not just domestically but also globally is huge, and we are confident that with our R&D capabilities and the backing of the trusted Godrej brand will make us future ready and position us at the very cutting edge of the sector.”

Highlighting the potential benefits for its clients and company, Anurag Roy, Chief Executive Offer, Astec LifeSciences Ltd. said, “The CDMO market for chemicals in India is expected grow at a CAGR of 12% as against global rate of 10%. This underlines the incredible potential in this sector, and it is herein our new facility will enable us to expand our offerings specifically in CDMO space. Equipping us to tap on new opportunities, it will also make us a partner of choice through our improved ability of providing end-to-end solutions to our customers – from the R&D stage to development to the commercialization of products. Slashing the time-to-market for innovative solutions, we are confident that by improving product development, providing access to advanced equipment and facilities, fostering collaboration, and driving innovation, the new R&D Center will cement us at the right place in the sector at the right time.”

The company is investing heavily in building up its expertise and has hired over a 100 chemists and engineers with a plan to double the same during FY2023-24.

New R&D Center will enable the company

AgroPolicy, India, Machinery - Pre-harvesting, Machinery – Post-harvesting

The government gave subsidies to the tune of Rs 59.28 crore in 2022-23

West Bengal agriculture department has distributed 13,554 farm types of machinery, under Farm Mechanisation Scheme and has given subsidies to Rs 59.28 crore in 2022-23.

Forty-seven combine harvesters, 102 tractors, 2,567 power tillers, 228 solar pump sets, 144 multi-crop threshers, 23 maize shellers, 12 rice transplanters, 1249 rotavators, 690 power weeders, 39 potato diggers, 21 mini oil mills and 180 mini rice mills.

Since its inception in 2011-12, 4.9 lakh farm machinery have been distributed with subsidies worth Rs 830.28 crore under the Farm Mechanisation Scheme.

The use of solar pumps has increased. The extent of crop loss during natural calamities has been reduced.

For maintenance and repair of hi-tech farm machinery like combine harvesters, rice transplanters, tractors and power tillers, the government has established a residential training centre,

Matigantha in East Burdwan district. Already, 365 persons have been given training at Matigantha till March 31, 2023.

The government gave subsidies to the tune

Acquaculture, Agro Universities, Agrotech, India, R&D

CIBA-Plankton Plus is a value-added product developed from fish waste using a unique technology which helps in maintaining healthy phytoplankton and zooplankton bloom in shrimp.

ICAR-Central Institute of Brackishwater Aquaculture,Chennai signed a Memorandum of Understanding (MoU) with Vellore Institute of Technology (VIT), Vellore, Tamil Nadu for transferring the CIBA-Plankton Plus production technology on non-exclusive basis. CIBA-Plankton Plus is a value-added product developed from fish waste/trimmings using a unique technology which helps in maintaining healthy phytoplankton and zooplankton bloom in shrimp and fish culture ponds and also aids in efficient feed management.

Dr. Kuldeep K.Lal, Director, ICAR-CIBA while signing the MoU stressed upon generating adequate data on the field performance of Plankton Plus in agriculture and horticulture crops. He complimented the VIT for recognising the technology and coming forward to sign the MoU.

Dr Debasis De, Principal Scientist, CIBA and team leader of this technology briefly explained the potential of CIBA-Plankton Plus in enhancing the aquaculture productivity.

Dr. Paul Man Singh, Senior Associate Professor, School of Agriculture, VIT was optimistic that they would develop entrepreneurship among the coastal farmers using this technology with the support of ICAR-CIBA.

A hands-on training on Plankton Plus production technology was also imparted to the students of VIT at the Fishwaste Processing Unit of CIBA, Chennai.

CIBA-Plankton Plus is a value-added product developed

Company News, Finance, India, Institutions, Sustainability

This social financing to IndusInd Bank will be used by farmers to purchase farm equipment, crops, seeds, and fertilisers

Citi and the Japan International Cooperation Agency (JICA) have announced a co-financing loan to IndusInd Bank. This includes a $30 million loan by Citi and JPY 13 billion ($97.6 million) loan by JICA. This high-impact social finance offering that Citi arranged for IndusInd Bank is expected to improve financial access for farmers and catalyse capital investment in the agricultural sector in India.

K Balasubramanian, head of the corporate bank for Citi in South Asia covering India, Bangladesh, and Sri Lanka said, “This social financing to IndusInd Bank will be used by farmers to purchase farm equipment, crops, seeds, and fertilisers, as well as by small agricultural supply chain service providers. This transaction, in which Citi collaborates with JICA, marks our first structured co-financing arrangement to support India’s agricultural sector”.

This agreement highlights Citi and JICA’s support for strengthening food security in the country through funding the agricultural sector and sustainable food systems.

Citi has committed $1 trillion to sustainable finance by 2030, as well as expanding access to basic services for 15 million underserved and low-income households, including 10 million women. This financing contributes to Goals 1, 8, and 17 of the Sustainable Development Goals (SDGs), reducing disparities in India by helping improve financial access to projects that contribute to solving agricultural issues. It also helps contribute to food security amid concerns about high food prices and supply shortages due to instability in the global situation.

This social financing to IndusInd Bank will

AgroPolicy, Foodgrains, India, Supply Chain

Wheat production is to be higher by 5% this year

Buoyant over the various estimates on wheat production and procurement, Ashok Kumar Meena, Chairman & Managing Director, of Food Corporation of India said that in view of better-than-expected wheat production, estimates and the government’s assurance to support farmers in view of unexpected rains, FCI has already procured 7 lakh tons of wheat as on date and is well-poised to procure 342 lakh tons of wheat in this year.

“It is important for all of us – government and the private sector to work together to ensure that prices of wheat and atta remain stable, despite global headwinds. We have the support of higher production estimates too with us,” said Meena.

Echoing the sentiments, Subodh Kumar Singh, Additional Secretary, Department of Food & Public Distribution, Ministry of Consumer Affairs, Food & Public Distribution, Government of India said that the estimates of both ministry and private sector are signalling higher wheat production this year, despite the impact of unseasonal rains and hailstorm in March-April, 2023.

They were addressing the 1st Extra Ordinary General Meeting and Board of Directors Meet of Roller Flour Millers’ Federation of India, wherein a survey report on ‘Wheat Crop & Production Estimates for the Crop Year 2022-23’ was also unveiled.

The Survey report prepared by Agri Watch on behalf of the Federation has predicted wheat production of 102.89 million tons, reduced from 104.24 million tons (estimated in March 2023) due to unseasonal rains and hail storms faced by wheat-producing states towards the end of March. The estimates are based on the survey conducted in two phases across 9 states (80 districts) – Bihar, Gujarat, Haryana, Madhya Pradesh, Maharashtra, Rajasthan, Punjab, Uttar Pradesh and West Bengal. 

Speaking on occasion, Pramod Kumar S, President, of the Roller Flour Millers’ Federation of India requested the government to lift the ban on wheat products export on account of higher estimates and sufficient buffer stock.

“Though the unexpected rains and hailstorm have played spoilsport in the record production that we were expecting, however higher acreage and yield are expected to create a comfortable situation for the country. Hence, we request the government to consider lifting the ban on wheat export, so that we could support the large Indian diaspora that always prefers Indian wheat atta,” he said.  

“In order to avoid the past situations wherein the absence of data led to the fluctuation of wheat prices, we have come up with this survey. It will help both the industry and government to plan the future course of action as well as measures to control the prices,” said Navneet Chitlangia, Senior Vice President of the Federation who was also present during the press conference.

Wheat production is to be higher by

Allied Industry, Company News, North America, Trade

This transaction will provide Bunge with a scalable, complementary port-based footprint capable of connecting North American food, feed and fuel customers to global markets

Bunge, a global leader in agribusiness, food and ingredients, through its Bunge Loders Croklaan JV with IOI Corporation Berhad, has entered into a definitive asset purchase agreement with Fuji Oil New Orleans, LLC (Fuji Oil) to acquire its newly constructed, port-based refinery located in IMTT’s (International-Matex Tank Terminals) Avondale Terminal, Louisiana. The state-of-the-art facility has multi-oil refining capabilities and will enable Bunge to expand its existing customer base. The completion of the transaction is subject to customary closing conditions. 
 
This transaction will provide Bunge with a scalable, complementary port-based footprint capable of connecting North American food, feed and fuel customers to global markets. Bunge expects to serve customers with the newly acquired capacity starting in the second quarter of 2023. 

“This acquisition delivers on our long-term strategy to expand our value-added oils business by accelerating reach across North America. This facility will connect with our existing footprint and enable Bunge to better serve our customers,” commented Aaron Buettner, Bunge’s President, of Food Solutions.

Bunge plans to significantly expand the facility’s current capacity, creating new job opportunities for the local community. “We are excited for the opportunity to continue to expand and grow, working alongside great local partners such as IMTT, with whom Bunge has had an 80-year partnership with storing and shipping vegetable oils in the Gulf,” said Brett Caplice, Bunge’s VP of Refined and Specialty Oils in North America.

This transaction will provide Bunge with a

Agro Universities, Company News, India, Inputs, R&D

The collaboration will focus on producing high-quality, disease-free planting material that meets the needs of the industry.

Himachal Pradesh based Dr YS Parmar University and Rajat IG Biotech have joined hands to launch a collaborative project aimed at producing and marketing clean planting material for the industry. The partnership combines the university’s agricultural research expertise with the technical know-how and commercial reach of Rajat IG Biotech.

The collaboration will focus on producing high-quality, disease-free planting material that meets the needs of the industry. By leveraging the latest techniques and technologies, the partners aim to deliver a range of clean planting material that is affordable, reliable, and sustainable.

“We are excited to partner with Rajat IG Biotech in this important initiative,” said Dr Sanjeev Chauha, Director Research, at Dr Y S Parmar University. “This collaboration will not only strengthen our research capabilities but also provide farmers and the industry with access to superior planting material that will help increase productivity and profitability.”

The clean planting material produced under this collaboration will be marketed and sold by Rajat IG Biotech. The university will receive a share of the sales revenue generated from the plants sold under this MOU.

“We are thrilled to collaborate with Dr. YS ParmarUniversity on this project,” said Shri Vinod Soni, CEO of Rajat IG Biotech. “This partnership will help us leverage the cutting-edge research capabilities of the university to develop and market innovative solutions that meet the needs of the industry.”

The joint collaboration between Dr. YS Parmar University and Rajat IG Biotech is a significant milestone in the field of agriculture and is expected to benefit farmers and the industry at large. The partners are committed to delivering high-quality, sustainable, and affordable planting materials that will help increase productivity and profitability in the agriculture sector.

The collaboration will focus on producing high-quality,

Company News, Singapore, Trade, Water

Rivulis will finance the acquisition with additional investment from Temasek as well as newly issued shares to Jain India.

Singapore based Rivulis Pte. Ltd. has announced that it has received full regulatory approval for the acquisition of multiple overseas subsidiaries which comprise the International Irrigation Business (“IIB”) of Jain Irrigation. With this acquisition, Rivulis will lead the mass adoption of modern irrigation solutions and digital farming by growers and business partners to create an irrigation and climate leader globally. The acquisition has been finalized after all government authorizations and the precedent conditions required by the Share Purchase Agreement have been obtained and completed. Rivulis will finance the acquisition with additional investment from Temasek as well as newly issued shares to Jain India; In addition, debt issuances of Jain USA and NaanDanJain will be refinanced immediately post-Closing through a syndicated facility signed with leading banks including HSBC, Rabobank, State Bank of India, ING, Bank Leumi and the First International Bank of Israel.

Richard Klapholz, Rivulis CEO, commented: “As mentioned during the deal announcement last June, we are thrilled to have both companies join forces to build a long-lasting, purpose-led company, spearheading the transformation of agriculture through its focus on accessibility, innovation and sustainability. Since then, the employees of all companies have worked hard to jointly plan for this day, when we all become one company. Together, we will benefit from significant operational economies of scale and far reaching in-the-field presence, enabling us to be close to growers and business partners. We will also benefit from the most comprehensive micro irrigation and digital farming offering and most importantly from a fully committed, diverse employee base. I, wholeheartedly, welcome the Jain USA, AVI, IDC and global NaanDanJain teams and am certain that, as one company, we will become a formidable force as we establish ourselves as a global irrigation and climate leader. Water-efficient, environmentally sustainable technologies, such as micro irrigation, are needed to holistically address the global food and water security challenges. Together with our two shareholders, Temasek and Jain Irrigation, Rivulis’ next chapter will be an exciting one as we realize our GROW BEYOND mission to help growers achieve sustainable livelihoods and to become a global sustainability champion.”

Rivulis will finance the acquisition with additional

Environment, India, R&D, Sustainability

Indira Gandhi Agricultural University has signed an agreement with Rubber Research Institute Kottayam

Raipur’s Indira Gandhi Agricultural University has signed an agreement with Rubber Research Institute Kottayam, Kerala. Agricultural Research Centre will do experiments, on the cultivation of rubber in the Bastar region of Chhattisgarh.

According to, the Association of Natural Rubber Producing Countries, the Rubber Institute will give plant material, manure fertilisers, medicines and labour expenses to the Indira Gandhi Agricultural University for experimental cultivation in Bastar for a period of seven years.
Indira Gandhi Agricultural University will be doing plant management and it will provide the necessary technical guidance for rubber cultivation and rubber extraction techniques. Scientists from Rubber Research Institute, Kottayam have found the soil, climate and geo-ecology in Bastar are suitable for rubber cultivation.

Indira Gandhi Agricultural University has signed an

Foodgrains, Oilseeds, Supply Chain, Sustainability, Trade, World

The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities

The benchmark index of international food commodity prices declined for the 12th consecutive month in March, driven by declines in world quotations for cereals and vegetable oils, the Food and Agriculture Organisation of the United Nations (FAO).

The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 126.9 points in March 2023, down 2.1 per cent from the previous month and 20.5 per cent below its peak level of March 2022. A mix of ample supplies, subdued import demand and the extension of the Black Sea Grain Initiative contributed to the drop.

The FAO Cereal Price Index declined 5.6 per cent from February, with international wheat prices falling by 7.1 per cent, pushed down by strong output in Australia, improved European Union crop conditions, high Russian Federation supplies, and ongoing exports from Ukraine from its Black Sea ports. World maize prices fell by 4.6 per cent, partly due to expectations of a record harvest in Brazil. Meanwhile, rice eased by 3.2 per cent amid ongoing or imminent harvests in major exporting countries, including India, Viet Nam and Thailand.

The FAO Vegetable Oil Price Index averaged 3.0 per cent lower than the previous month and 47.7 per cent below its March 2022 level, as ample world supplies and subdued global import demand pushed down soy, rapeseed and sunflower oil quotations. That more than offset higher palm oil prices, which rose due to lower output levels in Southeast Asia due to flooding and temporary export restrictions imposed by Indonesia.

“While prices dropped at the global level, they are still very high and continue to increase in domestic markets, posing additional challenges to food security. This is particularly so in net food-importing developing countries, with the situation aggravated by the depreciation of their currencies against the USA dollar or the Euro and mounting debt burden,” stressed Máximo Torero, FAO Chief Economist.

The FAO Dairy Price Index declined 0.8 per cent in March. Butter prices increased due to solid import demand, while cheese dipped due to slower purchases by most leading importers in Asia and increased availabilities in leading exporters.

By contrast, the FAO Sugar Price Index rose by 1.5 per cent from February to its highest level since October 2016, reflecting concerns over declining production prospects in India, Thailand and China. The positive outlook for the sugarcane crops about to be harvested in Brazil limited the upward pressure on prices, as did the decline in international crude oil prices, which reduced demand for ethanol.

The FAO Meat Price Index rose slightly, by 0.5 per cent. International bovine meat quotations rose, influenced by rising internal prices in the United States of America on expectations of lower supplies moving forward, while pig meat prices rose due to increased demand in Europe ahead of the holidays. Despite avian influenza outbreaks in several large exporting countries, world poultry meat prices fell for the ninth consecutive month on subdued global import demand.

The FAO Food Price Index, which tracks monthly