UN FAO: World Food Prices continue to fall in March

Global food prices dropped in March as global supplies for most commodities, including cereals and meat, remained robust, the United Nations food agency said on Thursday.

The U.N. Food and Agriculture’s (FAO) price index, which measures monthly changes for a basket of cereals, oilseeds, dairy, meat and sugar, averaged 173.8 points in March, 2.6 points below its reading in February.

FAO’s raised its forecast for world cereal production in 2015 to 2.544 billion tonnes, 2 million tonnes above the February forecast of 2.542 billion tonnes.

Cereal stocks at the end of the 2014-15 season are now forecast to reach 645.3 million tonnes, up from a previous reading of 630.5 million tonnes.

Source: Reuters