Lowest food prices in four years, biggest grain stocks in 15 | Food and Environment Reporting Network

The global Food Price Index fell by 3.6 percent in August to reach its lowest level in four year, said the UN Food and Agriculture Organization. Prices for all commodities except for meat dropped markedly. Wheat and corn prices are the lowest in four years, said FAO. Meat is up 1.2 percent in a month and 14 percent higher than a year ago.

Back-to-back bumper harvests will boost world grain stocks to their largest size in 15 years, said FAO. It estimated stocks would total 616 million tonnes at the end of this marketing year, up 6 percent in one year. Rice production is forecast for a record 500.4 million tonnes, marginally above the 2013 record. The wheat harvest would be a near-record 716.5 million tonnes. Altogether, the world will produce 2.5 billion tonnes of grain in 2014/15. That’s just below the 2013/14 level and 8 percent higher than the three preceding crops.