FAO: World meat prices rise 2.3% in March

According to the UN Food Organization (FAO), the rise in poultry and pork prices caused the FAO meat price index to jump 2.3% m / m in March. The FAO meat price index rose on imports to China and a sharp increase domestic sale in Europe ahead of Easter, which was the basis for the growth of quotations for poultry and pigs. Beef prices remained stable while mutton prices declined as dry weather in New Zealand forced farmers to send sheep for slaughter.

FAO: World meat prices rise 2.3% in March

Overall, world food prices rose in March, while prices for vegetable oils and dairy products rose higher. The FAO Food Price Index, which tracks monthly changes in world prices for widely traded food items, averaged 118.5 points in March, up 2.1 percent from February and the highest level since June 2014.

Trends varied by product type. Growth in March was boosted by the Vegetable Oil Price Index, which rose 8.0% month-on-month to a nearly 10-year high, with soybean oil prices rising sharply in part on the outlook for robust demand from the biodiesel sector.

The dairy price index rose 3.9 percent from February, with butter prices being supported by slightly limited supplies in Europe due to increased demand in anticipation of a recovery in the catering sector. Milk powder prices also rose, fueled by a surge in imports in Asia, especially China, due to declining production in Oceania and a shortage of shipping containers in Europe and North America.

In contrast, the FAO Cereal Price Index fell 1.8 percent, but it is still 26.5 percent higher than in March 2020. Wheat export prices fell the most, reflecting generally good supplies and a favorable crop production outlook for 2021. Corn and rice prices also fell, while sorghum prices rose. The FAO Sugar Price Index fell 4.0 percent on the month, boosted by the outlook for large exports from India, but remained more than 30 percent higher than the previous year.

Source: Meatinfo