World Meals Costs Hit Lowest In Practically 5 Years: UN
ROME, fundamentals of petroleum refining solution manual filetype pdf April 2 (Reuters) – Global meals prices fell in March to their lowest in nearly five years as provides for most commodities, together with cereals and meat, remained robust, the United Nations meals company stated on Thursday.
The U.N. Meals and Agriculture Organization’s (FAO) worth index, which measures monthly modifications for a basket of cereals, oilseeds, dairy, meat and sugar, averaged 173.Eight points last month, its lowest since June 2010 and a couple of.6 factors beneath its February studying.
“We’ve fairly a bit of a supply surplus in the market and that is positively creating downward strain across the board, except on dairy costs,” FAO economist Abdolreza Abbassian mentioned.
High international production and low crude oil prices have helped cap food prices for the past 12 months and the index has been declining since April 2014.
The FAO raised its forecast for world cereal production in 2015 to 2.544 billion tonnes, 2 million tonnes above the February forecast of two.542 billion tonnes.
Cereal stocks at the tip of the 2014-15 season are actually forecast to be at their highest in nearly 15 years, reaching 645.Three million tonnes, up from a previous studying of 630.5 million tonnes.
This upward revision for cereal stocks “should definitely contribute to additional downward stress” on prices, Abbassian stated.
Dairy costs bucked the pattern and rose for a second consecutive month, the Bina FAO said. The dairy value index increased to 184.9, up 1.7 % from February, on limited exports from Europe and Asia.