Basic Food Commodities Global Price Report

The average global price of basic food commodities decreased by one percent in the fourth quarter, compared to the third quarter of this year, according to data compiled by the Public Authority for Stores and Food Reserve (PASFR) from information sources of international organizations, namely the Food and Agriculture Organization (FAO), the International Grain Council and the International Sugar Organization.

PASFR said in a statement today that the average price index for FAO during the fourth quarter fell by 2 percent, compared to the third quarter of this year. The index includes a commodity price group, namely dairy prices, which recorded the most significant declines by 9 percent during the same period, grain prices, which fell by 2 percent, while the prices of oils and fats rose by (2) percent followed by sugar prices by one percent while meat prices have stabilized.

According to the International Grain Council, the average grain level in the fourth quarter of 2017 stabilized at 264 US dollars, but the prices of barley increased by 6 percent while wheat prices fell by 2 percent and rice by one percent, and soybeans whose prices have stabilized.

In comparison with the fourth quarter of 2016, the average global prices of basic food commodities decreased by 5 percent, according to data collected from the same three sources. Sugar prices recorded the most significant declines by 30 percent, followed by corn by 11 percent, soybeans, fat and oil 4 percent each, the prices of barley increased by 20 percent, followed by rice by 11 percent, wheat by 8 percent, diaries by 7 percent and meat by 6 percent.

According to the International Grain Council, global stocks for the 2016/2017 season for rice, wheat, maize and soybeans increased significantly by 1 percent, 8 percent, 14 percent and 34 percent, respectively, compared to 2015/2016. However, expectations for the beginning of next season indicate that the stock of all these commodities will see a decline in general, except for the stock of wheat, which may rise by about (5) percent.

Source: Oman News Agency