Mumbai, May 12 (Commoditiescontrol): For the first time in a year, the benchmark index of international food commodity prices increased in April, according to a report by the Food and Agriculture Organization (FAO) of the United Nations. The FAO Food Price Index (FPI) rose 0.8% from the previous month, with gains led by sugar and meat prices.
Despite the slight monthly increase, the FPI is still nearly 20% below its value in the corresponding month last year. The Cereal Price Index, in particular, fell by 1.7% compared to March, averaging 136.1 points in April, down nearly 20% from April 2022. The FAO noted that the decline in world prices of all major grains outweighed an increase in rice prices month-on-month.
International wheat prices declined by 2.3% in April, hitting their lowest level since July 2021, mainly due to large exportable availabilities in Russia and Australia. Favorable crop conditions in Europe and an agreement at the end of April allowing Ukrainian grains to transit through European Union countries that had imposed import restrictions on grain from Ukraine earlier in the month also contributed to the overall softer tone in markets, the FAO said.
World corn prices also fell by 3.2% in April, driven by higher seasonal supplies in South America as harvesting continued and favorable prospects pointing to a record output in Brazil. International prices of barley and sorghum declined by 4.3% and 0.3%, respectively, reflecting weak global demand and spillover from weakness in international maize and wheat markets.
However, the FAO noted that sales to Asian buyers buoyed international rice prices during April, with rice export quotations reversing most of the declines they registered in March 2023.
Overall, the FAO Food Price Index indicates that the international food commodity prices are showing signs of a slight rebound, but remain well below their value from a year ago.
(By Commoditiescontrol Bureau; +91-9820130172)
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