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Page added on October 9, 2021

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World food prices hit 10-year peak


World food prices rose for a second consecutive month in September to reach a 10-year peak, driven by gains for cereals and vegetable oils, the United Nations food agency said on Thursday.

The Rome-based Food and Agriculture Organization (FAO) also projected record global cereal production in 2021, but said this would be outpaced by forecast consumption.

FAO’s food price index, which tracks international prices of the most globally traded food commodities, averaged 130.0 points last month, the highest reading since September 2011, according to the agency’s data.

The figure compared with a revised 128.5 for August. The August figure was previously given as 127.4.

On a year-on-year basis, prices were up 32.8% in September.

Agricultural commodity prices have risen steeply in the past year, fuelled by harvest setbacks and Chinese demand.

The FAO’s cereal price index rose by 2.0% in September from the previous month. That was led by a near 4% increase for wheat prices, with the UN agency citing tightening export availabilities amid strong demand.

“Among major cereals, wheat will be the focus in the coming weeks as demand need to be tested against fast rising prices,” FAO Senior Economist Abdolreza Abbassian said in a statement.

World vegetable oil prices were up 1.7% on the month and showing a year-on-year rise of about 60%, as palm oil prices climbed on robust import demand and concerns over labour shortages in Malaysia, FAO said.

Palm oil futures have rallied further in early October to hit record highs as a surge in crude oil markets has lent further support to vegetable oils used in biodiesel.

Global sugar prices rose 0.5% in September with concern over adverse crop weather in top exporter Brazil partly offset by slowing import demand and a favourable production outlook in India and Thailand, according to FAO.

For cereal production, FAO projected a record world crop of 2.800 billion tonnes in 2021, up slightly from 2.788 billion estimated a month ago.

That would be below world cereal use of 2.811 billion tonnes, a forecast revised up by 2.7 million tonnes from a month earlier mainly to reflect increased wheat use in animal feed, FAO said in a cereal supply and demand note

Global cereal stocks were expected to ease in 2021/22 but would still be at a comfortable level, FAO added.

reuters trust

5 Comments on "World food prices hit 10-year peak"

  1. Biden's hairplug on Sun, 10th Oct 2021 4:06 am 

    Back to Britain, since 2016 one of the most interesting sources of news.

    Here is a major UK supply chain periodical, coming with an article with a blunt title:

    It’s all going ‘tits-up’ at UK box ports and, despite what Boris says, we can’t fix it”

    More dire consequence of the lack of truck drivers in the UK: containers are flooding UK harbors, like in the good old days, as it should be, but they are not picked up by trucks, so the harbor stacks are filling to the hilt, but nobody shows up to claim the boxes. Consequences: lack of empty containers world-wide, and container ships moored in the French Channel and elsewhere near the British coast, because they cannot unload the cargo.

    Felixstowe is the focal point of the problems, other UK harbors could offer some respite, at the cost of increasing the requirement of trucking capacity, because the containers end up at the other side of the country, compared to where they were supposed to be, just to find a container parking spot. It is as if you wanted to go shopping in Harrods in London, but were forced to go to Woolworth in Liverpool for a parking spot for your car. Not good for the efficiency of the economy and productivity.

    The Royals are deeply concerned about the continuity of “The Firm”, now that they have to deal with yet another black sheep, “prince” Andrew, who doesn’t exactly behave like a guy from a fairy tale, because he had the peculiar habit of sticking his private parts into toddlers, a definite moral no-go area (after having been incited to do so by a representative of what was once known in Germany as the World Plague (Weltpest), by the name of Jef Epstein, no doubt so the latter could blackmail Andy):

    “Royals close door on Andrew: Charles, Edward and Anne ‘block their sibling’s return to public life’ as William brands him a ‘threat to the Firm’ – while Met Police ‘quiz his rape accuser Virginia Giuffre'”

    The good old Bolsheviks already knew that there is no better way to get rid of the old order than to eliminate the prime symbol of the old one, in casu the Czar.

    “Russian bishop’s claim that Jews killed the czar draws fury”

    The good bishop is right, of course, but in 2021 you still cannot say these things without expecting a reprimand. Gonna change soon.

    Anyway, London is no longer English and could very well end up as a caliphate on former British soil by 2030. Perhaps William and Kate should set up shop in Hull or New Castle.

    “London has fallen”

    John Cleese: “London no longer an English city”

    Muslims mass open air prayers in London:

    It is a pity that the Natzis, unlike the Dutch in 1688, didn’t manage to invade Britain in 1940 and take over the joint in order to thoroughly “delouse” it. Britain would have been 100% British today. Instead, the English are likely to lose London by 2030, like the Germans lost the (17th century Dutch-built) town of Danzig in 1945, or the Dutch lost the largest Dutch-speaking town Brussels to the French.

    So be it, shit happens.

  2. Biden's hairplug on Sun, 10th Oct 2021 4:36 am 

    You gotta love how now even the Australian media have become de facto white nationalist, although they still don’t want to be called like that:

    “‘You get the feeling’ Kamala Harris has ‘never spoken to children before in her life'”

    (Kamala, original Tamil name Kamala Devi Gopalan, has indeed more experience in sleeping her way to the top than using these events for what they are designed for, namely childbirth).

    Here they are reporting about Kamala Harris, who soon could end up presiding over a country, where planes fall out of the sky unannounced or where you can get a degree without being able to properly read and write. Yet she is pontificating against New Americans about craters and going to the moon (in Dutch “naar de maan gaan” means everything breaking apart).

    To be fair to Kamala, it needs to be acknowledged that she definitely has expertise in cratering things.

  3. Duncan Idaho on Sun, 10th Oct 2021 5:04 pm 

    Mediate: Trump Explored Conspiracy About Chinese Thermostats Changing 2020 Votes

    (A new book reports that former President Donald Trump asked his top intelligence official to investigate an absurd conspiracy theory that Chinese thermostats changed votes in the 2020 election.}

    The Fat Boy is nuts.

  4. FamousDrScanlon on Wed, 13th Oct 2021 1:54 pm 

    Climate change: ‘Adapt or die’ warning from Environment Agency

    Most if not all will die since humans can only live a few weeks without calories.

    A year or longer for the morbidly obese as long as they get their electrolytes

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