World meat costs have reached one other excessive, primarily pushed by elevated import demand for beef and lamb from the US and China.
The information from the Meals and Agriculture Group (FAO) of the United Nations reveals that Meals Value Index, which screens 5 meals commodities, confirmed little general change in August.
Rising costs for meat, sugar, and vegetable oils counterbalanced declines in cereal and dairy costs.
The general index averaged 130.1 factors in August, a slight uptick from July’s revised determine of 130 factors, marking a 6.9% improve in comparison with the identical interval final yr and the best since February 2023 at 130.7.
In the meantime, the FAO Meat Value Index climbed by 0.6% in August, reaching a historic excessive of 128 in at the very least 25 years, surpassing the earlier file of 127.2 set in July.
The FAO attributed the surge within the sub-index to the “rising worldwide bovine meat costs, underpinned by robust demand in the USA of America and sturdy import demand from China, which respectively boosted Australian and Brazilian export quotations”.
Ovine costs additionally rose, whereas pork costs “remained broadly steady” and poultry meat quotations “declined amid ample exportable provides” from Brazil, the company added.
The FAO Vegetable Oil Value Index rose by 1.4% from July, hitting a three-year peak of 169.1.
The uptick was influenced by rising palm, sunflower, and rapeseed oil costs, partially attributable to Indonesia’s “intention to additional increase its biodiesel mixing mandate subsequent yr”.
Conversely, world soy oil costs noticed a slight decline, with expectations of considerable soybean provides within the coming advertising and marketing yr.
The FAO Sugar Value Index skilled a minor improve of 0.2% to 103.6, following 5 months of consecutive decreases.
“Issues over sugarcane manufacturing and yields in Brazil, in addition to stronger world import demand” drove the demand, the FAO mentioned.
Nevertheless, the potential for bigger harvests in India and Thailand mitigated the value escalation.
Offsetting these will increase had been declines in cereal and dairy costs.
The FAO Dairy Value Index fell by 1.3% to 152.6, with diminished quotations for butter, cheese, and complete milk powder attributable to decrease import demand from vital Asian markets.
Moreover, the FAO Cereal Value Index decreased by 0.8% to 105.6.
Worldwide wheat costs dropped, backed by “bigger harvests” within the European Union and the Russian Federation.
In the meantime, world maize costs rose, influenced by heightened demand for feed and ethanol manufacturing within the US.
“World meat costs attain new peak, FAO finds” was initially created and printed by Simply Meals, a GlobalData owned model.