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Global Cereal Harvests Expected to Be Below 2017 Levels: FAO
The FAO Crop Prospects and Food Situation Report for the second quarter of 2018 reports that 39 countries are currently in need of food assistance. Thirty-one of those countries are in Africa, seven are in Asia, and one is in Latin America and the Caribbean. Persistent conflict remain the leading driver of these needs. In addition, weather shocks have also limited food access and availability in the affected countries, in some cases severely.
Trade tensions could impact commodity prices:Latest FAO and AMIS reports
Rising trade tensions drove the FAO Food Price Index down slightly in June. The 1.3-percent decline represents the first month-to-month drop since the beginning of 2018.
The Cereal Price Index fell by 3.7 percent but remains almost 8 percent higher than its June 2017 level. In June, wheat and maize prices fell sharply as a result of trade tensions, despite poor production prospects in many areas. Rice prices, on the other hand, rose based on tight supplies for some varieties.
FAO Food Price Index Continues to Rise in May
In May, the FAO Food Price Index reached its highest level since October 2017. This month’s increase was driven by dairy and cereal prices. The Index has risen continually in 2018.
Cereal prices continue to rise in April, says FAO Food Price Index
The FAO Food Price Index remained nearly unchanged in April; however, cereal and dairy prices continued to rise.
The Cereal Price Index rose 1.7 percent from March, reaching almost 16 percent higher than its April 2017 levels. This is the fourth consecutive month of such increases, which are being driven largely by weather-related fears for wheat and maize and government purchases in Indonesia and the Philippines for rice.
Global wheat and maize prices continue to rise
Global wheat and maize prices rose for the third consecutive month in March, according to the latest FPMA Bulletin from FAO. This increase brings prices more than 10 percent above their December 2017 levels.
Prolonged dry weather in the United States drove much of the price increases for wheat, as did concerns about cold and wet weather in some parts of Europe. Dry weather in Argentina contributed to maize price increases. Global demand for these commodities also remained strong in March, further driving up prices.