India and Russian Federation could lead in wheat production outputs
The Food and Agriculture Organization of the United Nations (FAO) has put out numbers that reveal a buoyant increase in the global food commodity price with respect to vegetable oils, sugar and dairy quotations. This is a noteworthy upsurge when compared with the early part of 2020.
On the flipside, cereals and meat markets have reported a downward pricing trend due to the continuing impact of Covid-19 pandemic. The FAO Food Price Index reflects the most traded food commodities in the international market which averaged at 93.2 points in June, 2.4 percent higher than the previous month.
The price coverage of the Food Price Index has been expanded w.e.f July 2020 and its base period revised from 2002- 2004 to 2014-2016. The FAO Vegetable Oil Price Index gained 11.3 percent in June, after declining for four consecutive months, while the FAO Sugar Price Index rose to 10.6 percent in June compared to the previous month.
World cereal production could hit 2,790 million tonnes in 2020, 9.3 million tonnes more than the May forecast. India and the Russian Federation could lead in wheat production outputs which could offset the expected outputs of the EU and the UK.