Global meat prices continued to fall in November

 

The cereal price index decreased by 1.
3% month-on-month and rose 6.
3%
year-on-year.
World wheat and maize prices fell by 2.
8 per cent and 1.
7 per cent
, respectively, in November, as a result of the extension of the Black Sea Grains Initiative.
In addition, international rice prices rose by 2.
3 per cent
.

 

FAO lowers its forecast
for world cereal production in 2022.
FAO's latest Cereal Supply and Demand Brief lowered its forecast for world cereal production in 2022 to 2.
756 billion tonnes, down 2.
0 percent
from a year earlier.
This reflects the bleak
outlook for corn production in Ukraine due to the high cost of harvesting in Ukraine due to the impact of the war.
FAO also lowered its global wheat production forecast for 2022, but despite the downward revision, the forecast of 781.
2 million tonnes will remain at a record high
.
Global rice production is expected to fall by 2.
4 percent
from an all-time high the previous year.
Looking ahead, winter wheat planting in 2023 is underway, and higher crop prices have helped wheat yields stabilize
despite concerns about price movements for key agricultural inputs in the United States and Russia, as well as adverse weather conditions.
Coarse grain crops are being planted in the southern hemisphere, and Brazilian officials predict a record area of maize
.
According to FAO's latest quarterly Global Information and Early Warning System (GIEWS), Crop Prospects and Food Situation Report, 45 countries worldwide are in need of food aid due to the Russia-Ukraine conflict, extreme weather and soaring inflation, including 33 in Africa, 9 in Asia, 2 in Latin America and the Caribbean and 1 in Europe
.
Among them, the food security situation in East and West Africa countries is worrying
.
Low-income and food-stressed countries are expected to produce 184.
5 million tonnes of cereal in 2022, in line with the average of the past five years, while total cereal import demand is expected to be 63.
7 million tonnes, up 7%
from the average of the past five years.

 

The vegetable oil price index rose 2.
3% in November, ending a seven-month losing streak
.
international palm oil and soybean oil prices rise; Canola and sunflower oil prices fell
.

 

The dairy price index fell 1.
2%
since October.
Prices of butter, skim milk powder and whole milk powder fell due to sluggish import demand; Cheese prices rose due
to reduced export supplies from major producing countries in Western Europe.

 

The meat price index has been falling for five consecutive months, averaging 117.
1 points in November, down 0.
9% month-on-month and up 4.
1%
year-on-year.
Despite strong import demand from China, international beef prices have fallen
for five consecutive months as Australian export supplies increase and Brazilian supplies continue to rise.
In contrast, prices for other meats rebounded, with ovine meat prices rising the most, driven by strong import demand, despite seasonal increases in supply from Oceania; International poultry meat prices also rebounded, reflecting the tightening of global poultry meat export supplies due to production setbacks in many major producing countries due to the intensification of avian influenza; Due to the recent surge in demand and exchange rate fluctuations, international pork prices have risen
sharply.

 

The sugar price index rose 5.
2 percent
in November.
Strong buying, driven by tight global sugar supply driven by harvest delays in major producing countries and India's announcement of sugar export quota cuts
.
In addition, the rise in ethanol prices in Brazil has further contributed to the rise in world sugar prices
.