Prices for major food commodities in July hit their lowest average monthly level since September 2009 as sharp drops in the prices of dairy products and vegetable oils more than offset some increases for those of sugar and cereals. Meat prices, meanwhile, remained stable.
A growing number of countries are ratifying an international agreement to combat illegal fishing, fueling interest in how best to implement the instrument. Illegal, unreported and unregulated (IUU) fishing is estimated to strip between $10 billion and $23 billion from the global economy, and their impacts undermine the way fish stocks are managed to make it a double concern around the world.
Thirteen additional countries need to ratify an agreement brokered by the United Nations Food and Agriculture Organization (FAO) to combat illegal fishing by blocking ports to ships known or believed to be carrying illicit catches that account for more than 15% of global output, the agency said today.
Major food commodity prices declined again in May, hitting an almost six-year low as cereal prices fell substantially amid a favorable outlook for this year's harvests. The FAO Food Price Index averaged 166.8 points in May, down 1.4% from April and as much as 20.7% from a year earlier.
In a global context of fierce competition for fishery resources which are progressively being depleted as a consequence of overfishing, overexploitation and overcapacity, illegal, unreported and unregulated (IUU) fishing has become a growing concern, points out a FAO fisheries release.
The FAO Food Price Index continued to decline in March, dropping 1.5 percent from February and 18.7 percent (40 points) below its level a year earlier.
The FAO Food Price Index averaged 179. 4 points in February 2015, down 1.8 points (1.0 percent) from its January value and 29 points (14.0 percent) below its level in February 2014. Prices of cereals, meat and, especially, sugar, dipped last month, while they remained steady in the case of oils and rebounded sharply in the case of dairy products. The index has been on a declining path since April 2014 and has now reached its lowest value since July 2010.
Latest indications confirm that world cereal production will reach an all-time record of more than 2.5 billion tonnes in 2014. Buoyed by bumper crops in Europe and a record maize output in the United States this year's cereal output should reach 2.532 billion tonnes, including rice in milled terms, or 0.3% higher than 2013, according to FAO's latest Crop Prospects and Food Situation Report.
Pope Francis condemned speculation in food commodities and greed for profits today, saying they were undermining the global fight against poverty and hunger. Addressing a United Nations conference on nutrition, he called on rich nations to share their wealth and denounced waste, excessive consumption and unequal distribution of food.
Food markets are more stable and prices for most agricultural commodities are sharply lower than they have been in recent years, according to the latest edition of FAO's biannual Food Outlook report and a new update to the Organization's monthly Food Price Index.