The global food prices have dipped in month of August as a result of prospect from bumper cereal harvests expected for larger grain inventories, reports NaijaAgroNet.

The Food and Agriculture Organisation (FAO) Food Price Index made available to NaijaAgroNet, indicated a decline of 1.3 per cent from July assessment, thus averaging 176.6 points in August.

The drop, NaijaAgroNet reported, was largely driven by a 5.4 per cent decline in the FAO Cereal Price Index, reflecting a sharp fall in wheat prices as the outlook for production in the Black Sea region improved.

FAO raised its forecast for global cereal production to 2 611 million tonnes, an all-time record. Worldwide stocks of cereals are also expected to reach an all-time high by the close of seasons in 2018, according to the latest FAO Cereal Supply and Demand Brief, also released recently.

The new estimates reflect larger anticipated wheat harvests, as improved production prospects in the Russian Federation more than offset downward revisions made for Canada and the United States of America, as well as higher maize and barley outputs in Brazil and the Russian Federation. Global rice production in 2017 is also now forecast to reach a record high, according to FAO. 

Isaac Oyimah/GEE

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This post was originally published at Naija AgroNet and has been republished with permission.

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