Global food prices fell to a seven-year high in August 2015

According to reports, the Food and Agriculture Organization of the United Nations recently issued a media report stating that the global food price index continued to decline in August 2015, setting the largest monthly decline since December 2008. At the same time, the outlook for world cereal production is promising, with an upward adjustment in production forecasts.

The FAO Global Food Price Index is a trade-weighted index of the prices of five major food commodities in the international market, including cereals, meat, dairy products, vegetable oils and sugar.

In August, the prices of various food commodities generally fell sharply. Among them, the global grain price index fell by 7% and 15.1 respectively compared with the levels in July and the same period in 2014. The global vegetable oil price index fell 8.6 from July, the lowest level since 2009. The global dairy price index fell 9.1 from July. The global sugar price index fell 10% from July. Only the global meat price index was basically the same as in July, but compared with the highest level in the same period in 2014, its overall price is still down as much as 18%.

The report also pointed out that the outlook for world cereal supply in 2015 is good. FAO's latest forecast for global cereal production in 2015 is 2.54 billion tons, an increase of 13.8 million tons from the July forecast, mainly due to improved prospects for coarse grains, wheat and rice production. But the figure is still 21 million tons less than the record level in 2014.

According to the latest issue of "Introduction to Cereal Supply and Demand" released by FAO, the global coarse grain production forecast in 2015 was increased by 7.5 million tons to 1.311 billion tons; the wheat production forecast was 0.728 billion tons, an increase of 5 million tons over the original forecast; the rice production forecast was 0.501 billion tons, although it was only increased by 1.3 million tons, but it was 3.6 million tons more than the 2014 production level.

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