Global food prices rise for nine consecutive months
Due to strong global demand, coupled with the fragile supply chain and unfavorable weather under the epidemic, the price of various commodities from soybeans to palm oil has risen sharply, driving global food prices to record highs in more than six years.
The United Nations Agriculture Organization said on the 4th that in February, global food prices rose for the 9th consecutive month, reaching the highest level since July 2014, the longest round of gains since 2008. The report shows that the FAO Food Price Index in February was 116 points, up 2.4% month-on-month and 26.5% year-on-year.
Data source: FAO
*The cereal price index averaged 125.7 points in February, up 1.2% month-on-month and 26.5% higher year-on-year*
Among the major coarse grains, international sorghum prices rose the most, driven by China’s continued strong demand. They rose by 17.4% month-on-month in February and 82.1% year-on-year.
International corn prices have also climbed, although the month-on-month increase is only 0.9%. China's corn export supply decreased in February, and continued strong import demand supported a price increase of 45.5% from the previous year.
The supply of corn is tight, and the stocks of various countries are also decreasing. In 2020, unfavorable weather factors have exacerbated the shortage of food supplies, and problems such as drought in South America have caused local food production to be affected, and the corn harvest is relatively small. As the world's second largest food exporter, Ukraine has reduced its food exports due to the impact of its output. It is reported that Ukraine is expected to export corn to 24 million tons in 2021, and the United States is expected to export 9.6 million tons. The reduction of corn exports in these two countries will inevitably affect food prices in other countries, and price increases have become inevitable.
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