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Global food prices fell in July 2021

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August 5, 2021, Rome - the United Nations released a benchmark report today that global food commodity prices fell for the second consecutive month in July. 

In July 2021, the average food price index of FAO was 123.0 points, a month on month decrease of 1.2% and a year-on-year increase of 31.0%. The index tracks the international price changes of food commodities with the largest trade volume in the world. The decline in the index in July reflected the decline in the prices of most cereals, vegetable oils and dairy products. The FAO grain price index fell 3.0% month on month (MOM) in July. Although Brazil's crop growth is still not optimistic, Argentina's production is higher than earlier expectations, and the prospect of us production is better. 

Therefore, the international corn price fell 6.0% month on month, thus pulling down the index. Other coarse grain prices such as barley and sorghum also fell sharply, reflecting weak import demand. However, the severe drought in North America and poor crop growth stimulated the wheat quotation to rise by 1.8% in July, reaching a new high since the middle of 2014. At the same time, under the dual influence of exchange rate fluctuations and high freight and logistics obstacles slowing down the sales progress, the international rice price fell to a new low in recent two years. 

Source: China Agricultural Information Network


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