July 3, 2014 / 8:34 AM / 4 years ago

World food prices drop for 3rd straight month in June - FAO

ROME, July 3 (Reuters) - Global food prices fell in June for the third consecutive month, led mainly by lower cereal and vegetable oil prices, the United Nations food agency said on Thursday.

The Food and Agriculture Organisation’s (FAO) price index, which measures monthly price changes for a basket of cereals, oilseeds, dairy, meat and sugar, averaged 206.0 points in June, down 3.8 points or 1.8 percent from May.

The figure was almost 6 points or 2.8 percent below June 2013.

FAO’s cereal price index averaged 196.2 points in June, down 10.9 points or 5.2 percent from a revised 207.0 points in May, mainly due to falls of almost 7 percent in wheat and maize prices prompted by improving world crop prospects and diminishing concerns over disruption in shipments from Ukraine.

FAO raised its outlook for global cereal production by 21.5 million tonnes to 2.478 billion tonnes, boosted by a more favourable production outlook for maize in 2014, almost 1 percent higher than it reported in May but still 1.4 percent down from 2013.

FAO revised its estimate for world cereal stocks at the end of the 2015 season to 604 million tonnes, up 28 million tonnes from the previous estimate.

The agency said it expected global wheat output this year to be 702.7 million tonnes, marginally higher than the 701.7 million tonnes forecast it gave in May, but 1.8 percent lower than last year’s record harvest. (Reporting by Isla Binnie)

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