Food & Commodity
Global food prices decrease in July
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Global food commodity prices fell in July for the second consecutive month, according to a United Nations report
The FAO food price index averaged 123.0 points in July 2021, 1.2% lower than the previous month although still 31.0% higher than its level in the same period of 2020. The index tracks changes in the international prices of the most globally traded food commodities. The July drop reflected declines in the quotations for most cereals and vegetable oils as well as dairy products.
The FAO cereal price index was 3.0% lower in July than in June, pushed down by a 6.0% month-on-month drop in international maize prices associated with better-than-earlier projected yields in Argentina and improved production prospects in the United States of America, even as crop conditions in Brazil remained a concern. Prices of other coarse grains such as barley and sorghum also dropped significantly, reflecting weaker import demand.
The FAO dairy price index declined 2.8% from June, impacted by slower market activity in the Northern hemisphere due to ongoing summer holidays, with skim milk powder registering the largest drop, followed by butter, whole milk powder and cheese.
The FAO vegetable oil price index reached a five-month low, declining 1.4% from June, as lower prices for soy, rape and sunflower seed oils more than offset rising palm oil values. A lower biodiesel blending mandate in Argentina pressured soyoil prices lower, while those for rape and sunflower oils were influenced by prospective record supplies for the 2021/22 season.
The FAO sugar price index increased by 1.7% in July, its fourth monthly increase. The rise was mostly related to firmer crude oil prices as well as uncertainties over the impact of recent frosts on yields in Brazil, the worlds largest sugar exporter, while good production prospects in India prevented a larger jump.
The FAO meat price index rose marginally from June, with quotations for poultry meat rising the most due to increased imports by East Asia and limited production expansions in some regions. Bovine meat prices also strengthened, buoyed by high imports from China and lower supplies from major producing regions. Meanwhile, pig meat prices fell, following a decline in imports by China.
FAO and the Republic of Korea to reduce foodborne antimicrobial resistance
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The Food and Agriculture Organization of the United Nations (FAO) and the Republic of Korea, through its Ministry of Food and Drug Safety (MFDS), has signed a new Framework Arrangement which establishes overarching terms and conditions that will govern the cooperation through voluntary contributions and facilitate future negotiations between MFDS and FAO
More than one billion tonnes of food being wasted than estimated, says WWF and Tesco report
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A WWF and Tesco report shows 1.2 billion tonnes of food is lost on farms, on top of the 931 million tonnes wasted at retail and consumption
Myanmar: A race to avoid increasing food insecurity
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The UN Food and Agriculture Organization (FAO) has launched an Anticipatory Action programme in Myanmar with an aim to help farmers boost production and plant in time for the monsoon season to provide them with bountiful harvests
Aleph Farms completes US$105mn Series B funding round
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Aleph Farms, the cultivated meat company growing steaks directly from non-genetically modified animal cells, has announced the completion of a US$105mn Series B funding round
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