World food commodity prices remained broadly stable in October, where the rise in cereal prices was more than offset by the decline in all other basic products.
This was announced by the price index in FAO which recorded an average of 135.9 points in October, slightly below the September level.
With the latest update, the index fell by 14.9% compared to the all-time high of March 2022, while it remained 2% above the level of October 2021. The cereal prices have increased by 3%, with wheat showing + 3.2%, raw materials + 3.5% and rice + 1%.
On the other hand, vegetable oil dropped by 1.6%, 20% below the level of the previous year;
dairy products by 1.7%;
the meat of 1,
4% in October compared to September;
sugar of 0.6%.
Downward forecast for world grain production in 2022 with a drop of 1.8% compared to 2021.While world grain production is forecast at 783.8 million tonnes in 2022, that of coarse grains will drop by 2, 8% to 1,467 million tons.
Rice is expected to drop to 512.6 million tons -2.4% compared to the all-time high of 2021. World cereal consumption in 2022/2023 is now expected to drop by 0.7% below the level of 2021/22 , as well as stocks of 2%.
Finally, the ratio between stocks and consumption will drop to 29.4% in 2022/23 from 30.9% the previous year, as will world trade by 2.2%.
(HANDLE).
