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The
Food and Agriculture Organization's price index, which tracks
the most globally traded food commodities, averaged 117.3 points
in February, down from a revised 118.2 points the previous
month, the agency said on Friday.
The February reading was the lowest since February 2021.
The cereal index fell 5% month-on-month in February to stand
22.3% below its level a year ago thanks to expectations of large
maize harvests in South America and competitive prices offered
by Ukraine.
Vegetable oil prices fell 1.3% in February from January to stand
11 percent below year ago levels amid prospects for abundant
South America supplies. Rapeseed and sunflower oil prices also
fell, thanks to ample exports.
The UN agency's sugar index, by contrast, rose 3.2%
month-on-month in February, reflecting persistent concerns over
top producer Brazil’s upcoming output and forecast production
declines in Thailand and India.
In a separate report on cereal supply and demand, the agency
raised its estimate for 2023 cereal output by 1.1% from the
previous year to 2,840 million metric tons thanks to increased
maize supplies in Brazil, China and the United States.
Looking ahead to 2024, the UN agency pegged wheat output up 1%
from a year earlier at 797 million tons thanks to favorable
weather in North America and top exporter Russia, as well as in
China, India, Iran, Pakistan and Turkey.
(Reporting by Maytaal Angel; Editing by Andrew Cawthorne and
Christina Fincher)
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