
The recent period of high agricultural commodity prices is most likely over, say the OECD and FAO in their latest 10-year Outlook. But the two organizations warn of the need to be vigilant as the probability of a major price swing remains high.

A groundbreaking international accord aimed at stamping out illegal fishing went into effect on Sunday and is now legally binding for the 29 countries and a regional organization that have adhered to it.

Illegal, unregulated and unreported (IUU) fishing is about to become much more difficult thanks to the imminent entry into force of the Port State Measures Agreement (PSMA), a ground-breaking international accord championed by FAO.

The FAO Food Price Index for March rose by 1.0% compared to February, as soaring sugar prices and continued increase in palm oil quotations more than offset plunging dairy product prices. The Index averaged 151.0 points in March, its highest level in 2016, but still some 12.0% below its level of a year earlier.

World cereal production in 2016 is set to amount to 2 521 million tons, just 0.2% off last year's large output and the third-highest global performance on record, according to FAO's first forecast for the new season, released on Thursday. Large inventory levels and relatively sluggish global demand mean that market conditions for staple food grains appear stable for at least another season, the agency's latest Cereal Supply and Demand Brief predicts.

FAO's latest Cereal Supply and Demand Brief forecasts a 1.4 percent drop in worldwide wheat output in 2016, due mainly to dry weather leading to reduced winter plantings in the Russian Federation and Ukraine. However, China and Pakistan are expected to sustain near-record wheat harvests, and India's output is anticipated to recover.

High-level delegations of fisheries ministries from more than 50 countries are gathering in Agadir, Morocco for a summit with industry players to discuss emerging governance needs in a sector that provides the world with 17% of its animal protein and developing countries with more export revenue than meat, tobacco, rice and sugar combined.

Weather patterns associated with El Niño are sending mixed signals about the early prospects for cereal crops in 2016, especially in the Southern Hemisphere, according to FAO's Cereal Supply and Demand Brief, released on Thursday.

Prices of major food commodities declined for the fourth year in a row in 2015, averaging 19.1% below their previous-year's levels, as the dwindling global economy also triggered sharp price falls from metals to energy markets.

The United Nations 68th General Assembly declared 2016 the International Year of Pulses (IYP) and FAO (Food and Agriculture Organization) has been nominated to facilitate the implementation of the Year in collaboration with Governments, relevant organizations, non-governmental organizations and all other relevant stakeholders.