UN Agency Reports Food Prices Rose Slightly In April

The Food and Agriculture Organization (FAO) of the United Nations is reporting that an index of 55 food commodities increased slightly last month. From their website this morning:

Food prices remained virtually steady in April after falling in March following eight months of successive increases, FAO announced today.

However, while the FAO Food Price Index averaged 232 points in April, little changed from March, it was still 36 percent above April 2010 and only two percent below its peak in February 2011.

A fall in sugar prices and a decline in rice helped stabilize the index, but international prices of nearly all other food commodities remained firm.

“A sliding dollar and increased oil prices are contributing to high food commodity prices, particularly grains,” said David Hallam Director of FAO’s Trade and Market Division. “With demand continuing strong, prospects for a return to more normal prices hinge largely on how much production will increase in 2011 and how much grain reserves are replenished in the new season.”

The FAO Food Price Index was 231 points in March. It reached an all-time high in February, when the index hit 237.2 points.

Bloomberg’s Rudy Ruitenberg broke down the UN agency’s latest report this morning and noted:

Corn has almost doubled in the past 12 months on speculation that more planting in the U.S., the world’s largest grower, won’t be sufficient to rebuild global stocks. Wheat surged 57 percent over the same period and soybeans gained 39 percent as flooding ruined crops in Canada and Australia and drought reduced harvests in Russia and Europe.

Of the grains, corn “is the most worrisome,” [FAO senior economist Abdolreza] Abbassian said in a statement. “We would need above-average, if not record, yields in the U.S.,” however, “plantings so far have been delayed considerably due to cool and wet conditions on the ground,” he said.

The FAO’s gauge of grain prices, which account for 27 percent of the overall index, jumped to its highest level since June 2008, advancing to 265.1 points in April from 251.2 the previous month.

According to the agency, much more food will be required down the road to feed the world’s growing population. Ruitenberg added:

Food output will have to climb by 70 percent from 2010 to 2050 as the world population swells to 9 billion and rising incomes boost meat and dairy consumption, the FAO forecasts.

Here’s hoping for some bumper crops this year- and in the foreseeable future.

Sources:

“Global food prices hold steady.” Food and Agriculture Organization of the United Nations. 5 May 2011. (http://www.fao.org/news/story/en/item/73931/icode/). 5 May 2011.

Ruitenberg, Rudy. “World Food Prices Rise to Near-Record High as Inflation Speeds Up, UN Says.” Bloomberg. 5 May 2011. (http://www.bloomberg.com/news/2011-05-05/food-prices-approach-record-high-as-grain-prices-fuel-inflation-worldwide.html). 5 May 2011.

Share

Tags: , , , , , , , , , , , , , , , ,

Thursday, May 5th, 2011 Agriculture, Commodities, Food, Population
Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Happy MLK Day

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
Patron Saint of Desperate Situations



Please Rate this Blog HERE



happyToSurvive
Advertising Disclosure here. "Code Needed"=Promo Code Found On Advertiser Website. Ad Captions Last Updated 1/15/17.
ANY CHARACTER HERE
Buy Gold And Silver Coins Huge Silver Bar Sale (10 Oz. Individual & Monster Boxes)! World Gold (Bullion) Coins/Bars Also On Sale. Free Shipping On U.S. Orders $99 And Up (Only $5.95 Below $99!). BGASC Reviewed HERE.
ANY CHARACTER HERE
BullionVault World's Largest Online Investment Gold Service Taking Care Of $2 Billion For Over 65,000 Users From 175 Countries. BullionVault.com Reviewed HERE.
ANY CHARACTER HERE
1-Year Food Supply $1,597 + Free Shipping Limited Time Only; Alexapure Pro Water Filtration System $147; Big Savings On "Deal Of The Day" Page; Free Shipping On Orders Over $79. MyPatriotSupply.com Reviewed HERE.
ANY CHARACTER HERE
bullet proof vestsWorld's First Bulletproof Baseball Cap Only $129; Bulletproof Ceramic Plate (NIJ Level III Stand-Alone) Only $169; Bulletproof Backpack/Messenger Bag Panel Only $99. BulletSafe Reviewed HERE.
ANY CHARACTER HERE
Survival Titles Save 20% Discontinued Title Sale- Savings Up To 75% Off Original Price. Paladin Press Reviewed HERE.
 

Categories

Archives

Prepper Website

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • New Year’s Half-Price Domain Sale
    A little housekeeping to start off the blogging week on Offshore Safe Deposit Boxes. I’d like to direct your attention to the following on the blog’s sidebar: Opening An Offshore Private Vault? New Year’s HALF-PRICE Domain Sale Limited Time Only! elitevaults.com $100 offshoreprivatevault.com $500 offshoresafedepositbox.com $500 Inquire Via “Contact” Page Have a great week, Christopher […]
  • Related Reading: Singapore Private Vaults ‘Have Quietly Begun To Bulge With Gold And Silver’
    I recently came across an article on The Business Times (Singapore) website which points out privately-owned precious metals from around the world are finding their way to non-bank vaults in Singapore. Andrea Soh reported on December 12: These are unsettling times. A recession looms. Extremist parties are on the ascent globally. One of the oldest […]
  • Next Degussa Numis Day To Take Place January 26, 27
    Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Singapore, Spain, and Switzerland, has posted information about the next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website: The Next Numis Day We appreciate and appraise […]
  • Related Reading: Martin Armstrong Covered By Washington’s Blog
    Regular readers of Offshore Safe Deposit Boxes know I bring up economist Martin Armstrong from time to time (case in point, the last entry) due to his views on subjects such as the War on Cash, gold confiscation, and safe deposit boxes. This afternoon Armstrong was the focus of a post published my other blog- […]
  • Martin Armstrong On Proposal To Seize ‘Suspicious’ Gold Entering European Union
    Last Wednesday, I wrote about a recent Reuters.com article which reported: The European Commission proposed tightening controls on cash and precious metals transfers from outside the EU on Wednesday, in a bid to shut down one route for funding of militant attacks on the continent… Authorities will also be able to seize cash or precious […]