🌾 Market Fluctuations: Decline in Grain Prices and Increase in Meat and Oil Costs

 

🔹 Decline in Grain Prices - Global prices for wheat and corn have fallen due to successful harvests and sufficient reserves in the Northern Hemisphere.

🔹 Rise in Meat Prices - Seasonal livestock reductions and steady demand have driven up prices for lamb and beef in July.

🔹 Increase in Vegetable Oil Costs - Prices for palm, soybean, sunflower, and canola oils have risen due to high demand for biofuel and issues with harvests in key producing countries.

 

According to the latest report from the Food and Agriculture Organization of the United Nations (FAO), July this year saw a decline in global prices for major grains. Specifically, wheat prices have dropped, attributed to ample stockpiles post-harvest in the Northern Hemisphere and favorable farming conditions in Canada and the USA. Additionally, export prices for corn decreased due to a successful harvest in Argentina and Brazil. The price index for rice fell by 2.4 percent over the last month due to relatively stable trading of major varieties.

 

Meanwhile, the meat price index in July showed an increase of 1.2 percent compared to June. This rise is linked to higher global prices for lamb and beef, spurred by steady import demand and a seasonal reduction in livestock numbers in Oceania.

 

Furthermore, the index for vegetable oils rose by 2.4 percent since June, reaching a six-month high. Increases in global prices for palm, soybean, sunflower, and canola oils were driven by steady demand for soy oil from the biofuel sector and worsening harvest forecasts for sunflower and canola oils in major producing countries.