FAO’S CPI DECLINES IN JUNE
CPI declined by 3% in June from the previous month, with quotations for coarse grains, wheat and rice all lower due primarily to improved production prospects in major exporting countries. The report, released on July 5, listed the CPI at 115.2 points, about 9% lower than its June 2023 value. The FAO said the decline in wheat prices “mostly reflected seasonal pressure from ongoing harvests in the Northern Hemisphere.” Slightly improved production prospects in some major exporting countries, including Kazakhstan and Ukraine, along with the implementation of a temporary import ban by Turkey also contributed to the softer price tone. Corn export prices also dropped in June as harvests in Argentina and Brazil progressed with production in both countries now expected to be larger than previously anticipated, the FAO said. In addition, larger-than-expected planted area to corn in the United States, along with generally good crop conditions, also contributed to the price decline.
(Link: WorldGrain)
BRAZIL CHICKEN EXPORTERS ENJOY LESS US COMPETITION, STRONG MIDEAST DEMAND
Brazilian chicken export data indicates the outlook is positive for the remainder of 2024, meat lobby ABPA said on Monday, citing weaker competition from U.S. supplies and continued strong demand from traditional Middle East importers. Brazil’s chicken exports averaged 431,400 metric tons per month through June, 0.8% higher than the monthly average recorded for the whole of 2023, which was 428,200 tons, according to ABPA data. However, price-wise the picture is not as rosy, as Brazil’s aggregate chicken export sales reached $4.636 billion in the first half, 10.3% below the $5.168 billion from the same period in 2023, according to ABPA data. Sales to China, the top destination, have also lagged last year’s level for June, slumping 29%, ABPA said.
(Link: Reuters)
