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| Photo courtesy of rdrindustrial.com |
This offset an increase in the value of sugar and cereals according to the UN Food and Agriculture Organisation (FAO) food price index. The FAO food price index is responsible for the measuring of monthly values for a basket of oilseeds, dairy, meat and sugar products.
After almost a year of consecutive declines in food prices, this makes July's value the lowest since September 2009 as a result of generally high food supplies and ease in demand. T
he falling food price index values are indicative of the market effects on wider product prices, which are pressured by high supplies, interest rates strengthening the dollar, and economic conditions in China.
The dairy index saw the largest drop in July, as it fell by 7.2 per cent from June due to low demand for imports from China, North Africa and the Middle East, combined with abundant supply in the EU.
Vegetable oil prices fell 5.5 per cent from June, reaching its lowest value since July 2009. This is a result of increased production in South East Asia, healthy export supplies in South America, slower exports causing a drop in global prices.
There was little overall change in the meat price index, with an increase in bovine meat equipoising a decrease in pork and ovine meat, as poultry prices remain unchanged.
There was a 2.5 per cent increase in the sugar price index from June due to harvesting difficulties occurring in the main production regions of Brazil.
Read more HERE.
The Global Miller
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