Led by “much weaker” vegetable oil, dairy, and grain prices, the UN Food and Agriculture Organization’s index of global food prices fell to its lowest level since May 2016. The price of vegetable oil dropped to a 12-year low.
Sharp declines in the dairy and sugar prices, dropping by 6 percent or more in a month, pulled down the monthly Food Price Index to its lowest level this year, said the UN Food and Agriculture Organization. The index, which measures international prices for a basket of commodities, had been rising steadily until June.
Propelled by stronger grain and dairy prices, the Food Price Index rose for the second month in a row and is at its highest level since last November, said the UN Food and Agriculture Organization.
Europe and Russia are not likely to repeat their bumper wheat harvests of 2017, setting the world on track for the second year in a row of smaller wheat output, said the UN Food and Agriculture Organization.
World food prices are on the rise for the first time since 2011, according to the Food Price Index of the UN Food and Agriculture Organization.
The bigger-than-expected corn crop in the United States is helping to drive world cereal grain production to a record for the second year in a row, said the UN Food and Agriculture Organization.
On the rise for the third month in a row, the Food Price Index is now the highest since January 2015, says the UN Food and Agriculture Organization. The latest increase in the index is due to higher prices for cereal grains, sugar and dairy. In early 2015, prices were declining from the peak in 2011, when drought affected global food supplies.
The FAO Food Price Index, based on prices of five groups of commodities - meat, dairy, grains, sugar and vegetable oil - has been on an upward trajectory since the start of 2016. Pushed by higher wheat and dairy prices, the index now has a reading of 175.2, the second time this year that it is on par with prices in February 2015, said the UN agency.
In August 2015, U.S. district judge Ralph Erickson blocked the Obama administration's Waters of the United States rule from taking effect, the first injunction against the clean water rule. Now the North Dakota judge would be elevated to the U.S. appellate court under a nomination announced by the White House.
Tyson Foods is the second U.S. poultry processor to report contact by the Florida attorney general's office in an investigation of the former Georgia dock pricing system, reports the news site Just Food. The wholesale chicken price index was abandoned last year after reports indicated it set prices higher than other indices, "suggesting there may have been over-inflation at the supermarket prices for chicken," said the site, based in Britain.