Prices for cheese and whole milk powder decreased in August - FAO
However, at the same time, butter rose in price, which was a consequence of the limited export resources of European countries, where the August heat affected the amount of milk produced.
In general, the FAO price index for dairy products in comparison with July remained almost unchanged.
The organization also noted that in August, the average value of the FAO food price Index, which reflects international prices for basic food products, was 96.1 points, which is 2.0 percent higher than in July, reaching the highest level since February 2020.
The average value of the FAO grain price Index in comparison with July increased by 1.9 percent, surpassing the average for August 2019 by 7.0 percent; the most significant increase was shown by prices for feed grains. Sorghum prices - mainly due to increased imports by China-increased by 8.6 percent and reached values 33.4 percent higher than the previous year. Amid concerns that recent damage to maize crops in Iowa could negatively affect supply, prices for this crop increased by 2.2 percent. Global rice prices also rose due to seasonal supply constraints and high demand from African countries.
In comparison with the previous month, the FAO sugar price Index rose by 6.7 per cent, driven by forecasts of reduced production due to adverse weather conditions in the European Union and Thailand, the second largest sugar exporter in the world; in addition, increased import demand from China contributed to the price increase.
The value of the FAO vegetable oil price Index increased by 5.9 percent in August, primarily due to higher prices for palm oil, as well as soybean, sunflower and rapeseed oil. The price changes are primarily due to the projected decline in production in the leading palm oil producing countries, while demand from importing countries remains constant.
The FAO meat price index remained almost at the level of July, although it decreased by 8.9 percent compared to August 2019; the decline in demand from importing countries for beef, lamb and poultry was offset by a rapid increase in demand for pork from China.
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