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(AOF) – For the first time this year, food commodity prices fell last month. According to the monthly index of FAO, the UN agency for agribusiness and agriculture, they fell by 1.3% compared to May. This decline is mainly due to lower price quotations for wheat, corn and vegetable oils, including those made from soybeans. "Global trade tensions cast doubt on price quotations for grains and vegetable oils," says the agency.
The former fell 3.7% in June and the latter 3%, reaching their lowest level in two years and five months. "The worsening of trade tensions between the United States and the People's Republic of China has strongly influenced US export prices, starting with soybeans, and with the dollar exerting a new negative pressure," he said. FAO
The fact remains that world cereal production prospects are pointing downwards and could therefore support world prices. FAO has updated its forecast for this year's cereal production to 2586 million tonnes, 2.4% below the record production level of 2017.
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