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Food & Commodity

Global demand is growing for ingredients and supplements that give consumers the power to support digestive health and immune function and elevate their general well-being. (Image source: Adobe Stock)

ADM, a global nutrition company, and Qingdao Vland Biotech Group, a producer of enzymes and probiotics, announced an agreement to form a joint venture to serve the growing Chinese demand for human probiotics

The rice is to be released to the market depending on consumption and demand. (Image source: Adobe Stock)

South Koreas Ministry of Agriculture, Food and Rural Affairs (MAFRA) has announced its plans to purchase 350,000 tonnes of rice in 2021

Cereals, vegetable oils and dairy drive FAO Food Price Index lower for second month in a row. (Image source: Adobe stock)

Global food commodity prices fell in July for the second consecutive month, according to a United Nations report

The FAO food price index averaged 123.0 points in July 2021, 1.2% lower than the previous month although still 31.0% higher than its level in the same period of 2020. The index tracks changes in the international prices of the most globally traded food commodities. The July drop reflected declines in the quotations for most cereals and vegetable oils as well as dairy products.

The FAO cereal price index was 3.0% lower in July than in June, pushed down by a 6.0% month-on-month drop in international maize prices associated with better-than-earlier projected yields in Argentina and improved production prospects in the United States of America, even as crop conditions in Brazil remained a concern. Prices of other coarse grains such as barley and sorghum also dropped significantly, reflecting weaker import demand.

The FAO dairy price index declined 2.8% from June, impacted by slower market activity in the Northern hemisphere due to ongoing summer holidays, with skim milk powder registering the largest drop, followed by butter, whole milk powder and cheese.

The FAO vegetable oil price index reached a five-month low, declining 1.4% from June, as lower prices for soy, rape and sunflower seed oils more than offset rising palm oil values. A lower biodiesel blending mandate in Argentina pressured soyoil prices lower, while those for rape and sunflower oils were influenced by prospective record supplies for the 2021/22 season.

The FAO sugar price index increased by 1.7% in July, its fourth monthly increase. The rise was mostly related to firmer crude oil prices as well as uncertainties over the impact of recent frosts on yields in Brazil, the worlds largest sugar exporter, while good production prospects in India prevented a larger jump.

The FAO meat price index rose marginally from June, with quotations for poultry meat rising the most due to increased imports by East Asia and limited production expansions in some regions. Bovine meat prices also strengthened, buoyed by high imports from China and lower supplies from major producing regions. Meanwhile, pig meat prices fell, following a decline in imports by China.

The Republic of Korea will provide US$10mn to help implement and monitor Codex Alimentarius international food standards. (Image source: Adobe stock)

The Food and Agriculture Organization of the United Nations (FAO) and the Republic of Korea, through its Ministry of Food and Drug Safety (MFDS), has signed a new Framework Arrangement which establishes overarching terms and conditions that will govern the cooperation through voluntary contributions and facilitate future negotiations between MFDS and FAO

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