World food prices remained stable in November, with a decline in grain prices mainly linked to the extension of the Black Sea maritime corridor, the Food and Agriculture Organization of the United Nations (FAO) announced. in English).
The FAO Food Price Index, which tracks the evolution of international prices for a basket of basic products, has fallen very slightly from its October level, and is only 0.3% above its November level. 2021.
The FAO Grain Price Index fell 1.3% in November, down 2.8% for wheat and 1.7% for maize, reflecting the extension of the agreement on Ukrainian grain exports from the Sea Black.
The deal last month to prolong a Ukraine-backed grain export channel for another 120 days eased concerns about the disruption of the trade war.
The vegetable oil price index, on the other hand, “increased 2.3% in November, ending seven consecutive months of decline”, driven by the increase in palm oil and soybeans.
While that of sugar prices went from 108.6 to 114.3 points. According to the FAO, the rebound was due to the large purchases in the face of the general shortage of sugar supplies in the world due to delays in the harvests of the main producing countries and the announcement by India about a reduction in its export quota of sugar.
For its part, the price index for dairy products was 1.7 points below that registered in October with 137.5, while that of meat decreased 0.9%, to 117.1 points.
The FAO warned last month that record food import prices expected in 2022 would lead poorer countries to cut volumes shipped.
In separate estimates of cereal supply and demand, the organization lowered its forecast for world cereal production in 2022 to 2,756 million tons, from 2,764 million estimated last month.
The downward revision of the world grain crop forecast reflects weak maize prospects in Ukraine as the war makes post-harvest operations prohibitive, it said.
World cereal stocks forecast for the end of the 2022/23 season were revised downward by 1.1 million tons to 839 million tons, 2.2% below the previous season.
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