Abdolreza Abbassian News
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Rising agricultural prices may spur increased investment in research and infrastructure, helping lift farm yields and output to feed a larger and richer global population, according to Nestle SA, the biggest food company.
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Palm oil, used in everything from candy bars to instant noodles, will advance 3.4 percent to the highest in more than a year by June as cooking-oil supplies drop to the lowest in more than three decades, a survey showed.
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EU beef prices at a record may fall along with lamb and pork on reduced demand if countries react to the Schmallenberg virus by banning European meat, according to Rabobank International.
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Algeria and other wheat importers continue to buy grain even as prices rise, suggesting cereals will be costly in the coming months, a senior economist at the United Nations’ Food and Agriculture Organization said.
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Higher wheat prices will raise budget deficits in North Africa and Iran because of spending on bread subsidies, said Abdolreza Abbassian, senior grains economist at the Food and Agriculture Organization.
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Food security is of less concern in 2010 than in recent years, even as prices rise, because grain stocks are plentiful and a weakened global economy will stunt demand, according to the United Nations’ food agency.
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The U.S., the world’s largest wheat shipper, may not have the logistical capacity to meet rising global demand after rains cut the quality of the harvest in Canada and Australia, the United Nations said.
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World food prices probably will stay at historically high levels this year on a lack of stockpiles after falling in August on lower costs for cooking oils and dairy products, the United Nations said.
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World food prices fell to a 14-month low in December, led by declines in grains, sugar and oilseeds, the United Nations’ Food and Agriculture Organization said.
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A surge in wheat prices caused by floods and drought in the Northern Hemisphere doesn’t constitute a “global crisis” and should spur more plantings to bolster supply, the Food and Agriculture Organization said.
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