Pakistan, China set for near-record wheat harvest in 2016: UN

PakistanPakistan, China set for near-record wheat harvest in 2016: UN

UNITED NATIONS: Pakistan and China are expected to have near-record wheat harvests in 2016, the UN Food and Agriculture Organization (FAO) said in its first global forecast for the commodity in the current year on Friday.

The FAO forecast for the world’s 2016 wheat harvest projected 723 million tonnes of total production, about 10 million tonnes below last year’s record output.

India’s output is anticipated to recover, although FAO’s latest Cereal Supply and Demand Brief forecasts a 1.4 percent drop worldwide in 2016, due mainly to dry weather leading to reduced winter plantings in Russia and Ukraine.

Meanwhile, overall food prices remained steady in the month of February, as falling sugar and dairy prices offset a spike in vegetable oil prices, FAO said.

FAO’s Food Price Index, a trade-weighted index tracking international market prices of major cereals, vegetable oils, dairy, meat and sugar, averaged 150.2 points for the month, virtually unchanged from a revised 150.0 points in January, according to a news release from the agency. It was down 14.5 percent from a year ago.

Vegetable oil prices rose 8.0 percent from the previous month, with palm oil prices jumping 13 per cent on reports of falling inventories and a poor production outlook in the near future. Soy oil prices also firmed as a result.

Sugar prices declined 6.2 percent from January due to strong global inventories and improved crop conditions in Brazil, the world’s largest producer and exporter while dairy prices fell 2.1 percent on the month amid sluggish imports, especially by China.

Prices of the world’s staple grains were broadly stable. Cereal prices inched down only around half a percentage point from the previous month. It plunged 13.7 per cent from a year earlier. Wheat prices fell 1.5 percent, maize prices slipped only slightly, while rice prices ascended modestly.

Meat prices rose slightly on supply constraints for beef from Australia and the United States as well as support for private storage of pig meat in the European Union. Poultry prices fell, reflecting lower feed costs.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Iranian Foreign Minister Seyed Abbas Araghchi has arrived in Pakistan today on a two-day official visit and he will hold meetings with civil and military leadership of Pakistan. This is his first visit to Pakistan after Israel attacked Iran in response to Iranian attack on certain Israeli cities. His meetings with Prime Minister Muhammad Shehbaz Sharif and Deputy Prime Minister / Foreign Minister Senator Mohammad Ishaq Dar are confirmed. Foreign Minister Araghchi will hold consultations on the situation in the Middle East and Pakistan-Iran bilateral relations. This visit provides an important opportunity to advance cooperation and dialogue between Pakistan and Iran on a wide range of areas including trade, economic, energy and security.

Iranian FM Araghchi and Foreign Minister Ishaq Dar showed commitment to work jointly in...

0
Islamabad, Pakistan: Iranian Foreign Minister Seyed Abbas Araghchi and Foreign Minister Senator Mohammad Ishaq Dar while addressing a joint presser showed their commitment to...

Active community engagement is central for stronger ties between Pakistan and the UAE, believes...

0
Islamabad, Pakistan: "One of the challenges we face is that a segment of people misuse tourist visas to seek jobs illegally, or, in some...

Tenure enhancement of Services Chiefs brings Independence of Military

0
Islamabad, Pakistan: The recent Amendment to the Services Act by the Parliament has been well received by people from all walks of life especially...

The power of the Parliament ensures the continuity of strategic policies

0
Islamabad, Pakistan: The Parliament on Monday confirmed its supremacy by adopting much-needed bills for extending the tenures of all armed services chiefs from three...
blast in jacobabad

Six Khwarij sent to hell in Khyber Pakhtunkhwa Province

0
Monitoring Desk: On the night of 3/4 November, Six TTP terrorists (officially known as Khwarij) were killed in two separate engagements in Khyber Pakhtunkhwa...
Advertisement