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Industry Reports / Analysis, Sustainability, World

The benchmark measure of world food commodity prices ends 2023 about 10 per cent below its year-earlier level

The benchmark for world food commodity prices declined in December compared to the previous month, with the sharpest drop in international sugar quotations, the Food and Agriculture Organization of the United Nations (FAO) reported.
The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally traded food commodities, averaged 118.5 points in December, down 1.5 per cent from November and down 10.1 per cent from December 2022.
For 2023 as a whole, the index was 13.7 per cent lower than the average value over the preceding year, with only the international sugar price index higher over the period.
The FAO Cereal Price Index increased 1.5 per cent from November, as wheat, maize, rice, and barley prices all rose, partly reflecting logistical disruptions that hindered shipments from major exporting countries. For the year as a whole, the index was 15.4 per cent below the 2022 average, reflecting well-supplied global markets, although FAO’s All Rice Price Index (part of the FAO Cereal Price Index) registered a 21 per cent increase, largely owing to concerns about the impact of El Niño on rice production and in the aftermath of export restrictions imposed by India.
The FAO Vegetable Oil Price Index by contrast, declined by 1.4 per cent from November, reflecting subdued purchases of palm, soy, rapeseed, and sunflower seed oil, with soy oil in particular impacted by a slowdown in demand from the biodiesel sector as well as improving weather conditions in major growing areas of Brazil. For 2023 as a whole, this index was 32.7 per cent below the previous year’s level.
The FAO Sugar Price Index declined 16.6 per cent from November, hitting a nine-month low although still up 14. 9 per cent from December 2022. The plunge in sugar quotations was mainly driven by the strong pace of production in Brazil, along with the reduced use of sugarcane for ethanol production in India.
The FAO Meat Price Index dipped 1.0 per cent from November, reaching a level 1.8 per cent below that of December 2022, impacted by persistent weak import demand from Asia for pig meat. Regional buying interest also slowed for bovine and poultry meat despite ample exportable supplies in large producing regions. Ovine meat prices by contrast rose ahead of holidays.
Bucking the trend, the FAO Dairy Price Index increased by 1.6 per cent from November, although still standing 16.1 per cent below its December 2022 value. The monthly increase was led by higher price quotations for butter and cheese, underpinned by strong internal sales in Western Europe ahead of the holiday season. At the same time, strong global import demand led international whole milk powders to rise.

The benchmark measure of world food commodity

Foodgrains, Sustainability, World

Higher world maize and sugar prices offset by lower vegetable oil quotations

The overall measure of international food commodity prices was broadly stable in September, with declines in quotations for vegetable oils, dairy and meat offset by a notable increase in those for sugar and maize, the Food and Agriculture Organisation of the United Nations (FAO) reported.

The FAO Food Price Index, which tracks monthly changes in the international prices of globally-traded food commodities, averaged 121.5 points in September, compared to 121.4 points in August. At this level, the index is 10.7 per cent below its value a year ago and 24.0 per cent below its all-time high reached in March 2022.

The FAO Cereal Price Index rose 1.0 per cent from the previous month, due to a 7.0 per cent increase in international maize prices, driven by strong demand for Brazil’s supplies, slower farmer selling in Argentina and increased barge freight rates due to low water levels on the Mississippi River in the United States of America. International wheat prices fell by 1.6 per cent, underpinned by ample supplies and good production prospects in the Russian Federation, while the FAO All-Rice Price Index dipped by 0.5 per cent amid generally low import demand.

The FAO Vegetable Oil Price Index declined by 3.9 per cent from August, with international quotations for palm, sunflower, soy and rapeseed oils all down, driven in part by elevated seasonal production and abundant global export supplies.

The FAO Sugar Price Index increased by 9.8 per cent from August, reaching its highest level since November 2010 amid increasing concerns over a tighter global supply outlook in the upcoming season. Early forecasts point to production declines in Thailand and India, both key producers, associated with the prevailing El Niño event. The large crop currently being harvested in Brazil, amidst favourable weather conditions, limited the month-on-month increase in world sugar prices.

The FAO Dairy Price Index declined by 2.3 per cent from August, its ninth drop in a row, impacted by lacklustre global import demand and ample stocks in leading producing regions. The euro’s relative weakness against the United States dollar also weighed on international dairy prices.

The FAO Meat Price Index dipped by 1.0 per cent from the previous month, with a mixture of weak import demand and ample global export availabilities pushing down quotations for pig, poultry, and ovine meats. By contrast, international bovine meat prices rebounded on the back of a strong import demand for lean beef, especially in the United States of America.

Higher world maize and sugar prices offset

Foodgrains, Sustainability, World

Falling international maize and sugar prices partly offset notable jumps in wheat and vegetable oil quotations

Global food commodity prices rose in July, influenced by the termination of the Black Sea Grain Initiative and new trade restrictions on rice, the Food and Agriculture Organisation of the United Nations (FAO) reported

The FAO Food Price Index, which tracks monthly changes in the international prices of globally-traded food commodities, averaged 123.9 points in July, up 1.3 per cent from the previous month while 11.8 per cent below its July 2022 level.

The increase was driven by a sharp jump in the FAO Vegetable Oil Price Index, which rose 12.1 per cent from June after seven months of consecutive declines. International sunflower oil prices rebounded by more than 15 per cent in the month, due mostly to renewed uncertainties surrounding the exportable supplies after the Russian Federation’s decision to end the implementation of the Black Sea Grain Initiative. World prices for palm, soy and rapeseed oils increased on concerns over output prospects in leading producing countries.

The FAO Cereal Price Index declined by 0.5 per cent from June, driven by a 4.8 per cent drop in international coarse grain quotations due to increased seasonal supplies of maize from ongoing harvests in Argentina and Brazil and potentially higher-than-anticipated production in the United States of America. However, international wheat prices rose by 1.6 per cent, their first monthly increase in nine months, due to uncertainty over exports from Ukraine as well as continued dry conditions in North America.

The FAO All Rice Price Index increased by 2.8 per cent on the month and 19.7 per cent on the year to reach its highest nominal level since September 2011, as India’s 20 July prohibition of non-parboiled Indica exports fostered expectations of greater sales in other origins, amplifying upward pressure already exerted on prices by seasonally tighter supplies and Asian purchases. This upward pressure on rice prices “raises substantial food security concerns for a large swathe of the world population, especially those that are most poor and who dedicate a larger share of their incomes to purchase food,” FAO warned, adding that export restrictions can bear adverse consequences on production, consumption and prices that last beyond the duration of their implementation and risk exacerbating high food domestic inflation in many countries.

The FAO Sugar Price Index declined by 3.9 per cent as good progress in Brazil’s sugarcane harvest and improved rains across most growing areas in India weighed on world quotations, as did subdued demand from Indonesia and China, the world’s largest sugar importers. Persistent concerns over the potential impact of the El Niño phenomenon on sugarcane crops, along with higher international crude oil prices, mitigated the decline.

The FAO Dairy Price Index declined by 0.4 per cent in July to stand 20.6 per cent below its July 2022 value. World cheese prices recovered slightly after steep recent declines as hot weather affected seasonally declining milk supplies in Europe.

The FAO Meat Price Index declined 0.3 per cent from June. Quotations for bovine, ovine and poultry meat declined on solid supply availabilities and in some cases lower demand from leading importers. Pig meat prices, by contrast, rose, reflecting high seasonal demand coupled with ongoing tight supplies from Western Europe and the United States of America.

Falling international maize and sugar prices partly

Agro Universities, Agrotech

Ablation is the removal of male and female inflorescences and fruit bunches produced during the juvenile period of oil palm

The oil palm ablatool developed by ICAR-Indian Institute of Oil Palm Research, Pedavegi, Andhra Pradesh has been granted the Patent (No. – 393982).

Ablation is the removal of male and female inflorescences and fruit bunches produced during the juvenile period of oil palm (1 to 3 Years). It improves the vegetative growth of the palm by retaining the nutrients which are supposed to be used by the developing inflorescences or fruit bunches. It also improves the drought-resistance capacity of young palms by improving the shoot and root growth, especially, in the low production areas where dry conditions exist.

The ablation tool developed by the institute consists of a long handle of GI Pipe of 5 Ft length. On one end of the pipe, a ‘U’ shaped holder is welded. A sharp-pointed nail is welded at the Centre of the ‘U’ holder.

The operator has to locate the unopened inflorescence to be removed and pushes the ‘U’ holder into the inflorescence. In this process, the sharp needle pierces into the inflorescence and with a small push, the inflorescence gets broken and is hooked like a fish.

The tool can be operated without drudgery at an angle of 680 to the ground level from a distance of 1.3 metre. The average time taken to ablate one inflorescence would be two seconds. On average, in one hour, a person can ablate 125 inflorescences, without removing the green leaves.

Ablation is the removal of male and