Essential Food Trade News Daily
Todays Major Headline
Global food prices finally begin to drop.
The five major food commodities - cereals, vegetable oils, dairy products, meat and sugar – have lower prices in August than in July, according to the latest food price index.
Key findings:
The FAO Food Price Index averaged 138.0 points in August 2022, down 2.7 points (1.9 percent) from July, registering its fifth consecutive monthly decline.
The FAO Cereal Price Index averaged 145.2 points in August, down 2.0 points (1.4 percent) from July.
The FAO Vegetable Oil Price Index averaged 163.3 points in August, down 5.5 points (3.3 percent) month-on-month.
The FAO Dairy Price Index averaged 143.5 points in August, down 3.0 points (2.0 percent) from July.
The FAO Meat Price Index* averaged 122.7 points in August, down 1.8 points (1.5 percent) from July.
The FAO Sugar Price Index averaged 110.4 points in August, down 2.4 points (2.1 percent) from July.
International News
Beef US beef market exceeded $1bn again in July. Record high beef prices on limited supply in Canada are pushing consumers to switch to pork and poultry as cheaper alternatives. Brazil beef exports to Ireland has increased 14% this year, while China's beef imports are down and expected to drop 19% over the next year. Australia bans beef for human consumption from all countries with foot and mouth disease. Meat and Livestock Australia has also revised its meat production volumes further down for 2022 by 10% due to lower than expected kills. However, a strong rebound is expected for 2023. Continue reading Meat & Poultry News.
Dairy. Australia's milk production is likely to remain stable this season, with prices remaining high. China renews A2 Milk’s registration, while the US FDA halts application to import infant formula. Skimmed milk market size to grow by USD 4.88 Bn in 2022 and dairy products market to be worth $551.3 Billion by 2026, at a growth rate of 4.6%.
Pork. US exports remained below last year, but remained strong in Colombia and the Caribbean. Canadian pork prices have come down again from the second quarter. At the end of August, Paraguay had the lowest pork prices in South America, according to a report by the Paraguay Pig Producers Association. South Korea removes restrictions on EU pork and poultry as it tries to balance food supply and safety. The agreement by the South Korean Ministry of Agriculture could result in an additional EUR 1 billion ($990 million) in trade in the next few years. Continue reading Meat & Poultry News.
Poultry. The widespread outbreak of highly pathogenic avian influenza (HPAI) that disrupted U.S. poultry production earlier this year and sent egg and poultry prices soaring, has subsided in the warmer months. Canadian poultry prices have adjusted and fallen from year on year highs. The South African Poultry Association accuses Brazil of dumping poultry into South Africa. Chicken imports from Brazil into France are up 122% in 2022 so far. EU Imports of Ukrainian chicken soars after quota and custom duties lifted for the next 12 months. Continue reading Meat & Poultry News.
Plant based. A $19m plant built by AGT Foods & Lucent Bio Sciences in Canada is making fertilizer with up-cycled grain leftovers. The new fertilizer contains pea, lentils, and oat hulls which provides improved performance and sustainability. Sustainable packaging firm Tetra Pak sells has sold 50 million of its plant-based carton caps since starting China production this year and sees huge growth potential. Continue reading Plant Based News.
Company News
JBS, Marfrig & Minerva shares fall on the back of beef demand from China falling. Meat thieves take $100,000 worth of pork from JBS plant in Iowa.
Cargill debuts digital business studio in Asia.
Tyson Foods to donate $2.5 million to Feeding America.
Hormel Foods Corp. stock rises Friday, still underperforms market though.
UK's top chicken producer (2 Sisters Food Group) warns on spiralling CO₂ costs and the effect it will have on consumer prices.
Thailand top poultry producer, Charoen Pokphand Foods switches to solar power sources to achieve “Net Zero” goal.
Impossible Foods launches frozen meals to diversify its product range and brand image from plant based meat only.
Lastly, New Wayne-Sanderson Farms brand unveiled after their recent merger.
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