UN FAO lowers global cereal production forecast

ROME, Sept. 2 (Xinhua) — The Food and Agriculture Organization of the United Nations (FAO) issued a “Cereal Supply and Demand Briefing” on Sept. 2, lowering the global cereal production forecast. According to FAO, global cereal production this year is expected to decline by 1.4 percent year-on-year due to the continued drought in northern hemisphere countries. The main downward revision is the coarse grain production is expected.

The Grain Supply and Demand Bulletin noted that since late spring, the European Union has generally experienced unusually hot and dry weather for an extended period of time, and corn production is expected to decrease by 16 percent compared to the previous five-year average. Unfavorable weather conditions in the Midwest also dampened the outlook for U.S. corn production. The lack of precipitation has negatively impacted the expected production of barley and sorghum in the EU and the United States.

The UN Food and Agriculture Organization released its price index report at the same time. The report noted that the international food price index fell for the fifth consecutive month in August, down 1.9 percent from a year earlier, still 7.9 percent higher than a year earlier.

Among them, the cereal price index fell 1.4% in August from a year earlier. International wheat prices fell 5.1% due to positive production prospects in North America, Russia and the resumption of grain exports from Ukrainian Black Sea ports. Affected by the increase in global export supply, international poultry meat offers fell, the meat price index fell 1.5% from a year earlier.

Source: People’s Daily Online


Post time: Sep-05-2022