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© Reuters. FILE PHOTO: A truck is seen at a grain terminal throughout barley harvesting in Ukraine on June 23, 2022. REUTERS/Igor Tkachenko
PARIS (Reuters) – The United Nations meals company’s world worth index fell marginally in November, marking an eighth straight month-to-month fall since a report excessive in March after Russia’s invasion of Ukraine.
The Meals and Agriculture Group’s (FAO) worth index, which tracks essentially the most globally traded meals commodities, averaged 135.7 factors final month, down from 135.9 for October, the company stated on Friday.
The October determine was unchanged from the FAO’s earlier estimate.
Decrease readings for cereals, meat and dairy merchandise in November offset increased costs for vegetable oils and sugar, the FAO stated.
Final month’s settlement to lengthen a U.N.-backed grain export channel from Ukraine for one more 120 days has tempered worries about battle disruption to large Black Sea commerce.
The slight lower in November meant that the FAO meals index is now solely 0.3% above its degree a 12 months earlier, the company stated.
In separate cereal provide and demand estimates, the FAO lowered its forecast for international cereal manufacturing in 2022 to 2.756 billion tonnes from 2.764 billion estimated final month.
The forecast was 2% beneath the estimated output for 2021 and would mark a three-year low, the FAO stated.
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