It could be next candy olive oil? The price index of this product obtained from sugar cane increased last September almost 50% compared to the same month last yearAs warned this week by FAO (English abbreviation for Food and Agriculture Organization of the United Nations). The body emphasizes that sugar reaches this way Highest level since November 2010 and attributes this to a meteorological event Boyaffected the main producing countries and the increase in production costs.
Specifically, in world markets this key component in the food industry stood at an average level of 162.7 points in September; This is 14.5 points (9.8%) more than in the previous month and 53 points (48.3% more) than in September 2022. In its monthly summary of prices for international agricultural products, the FAO explains that this situation is “mainly a result of increasing concerns about the global outlook.” a more limited offer in the next 2023-2024 campaign“.
The Spanish market also realizes this. Here, according to the latest CPI data, the price of sugar increased by 40.5 percent last year, but the increase since August is seen as 0.4 percent. The increases seen internationally from here still could not be transferred to Spain.
Experts who prepared the FAO report have been warning for months that Thailand and India, the main sugar-producing countries, are facing adverse weather conditions. drier than normal It’s about the El Niño phenomenon. Increase oil prices This also had an impact on the increase in sugar. In fact, this number would have increased even more if Brazil had not mitigated the impact.
The South American country is currently in full sugar cane harvest and the mood there is positive, unlike what is happening in Southeast Asia. Add to this the weakening of the Brazilian currency (real) against the US dollar, and it was possible to contain the monthly increase in global sugar prices.
Vegetable oils are reduced
On the other side of the scale, the index vegetable oil prices FAO noted a decline in oils of vegetable origin (except olive oil). These products recorded an average score of 120.9 points in September; This was 3.9% lower than in August, the second consecutive monthly decline.
In this case, the decrease in the index was caused by the decrease in world commodity prices. palm, sunflower, soybean and rapeseed oil. International palm prices continued to fall in September, mainly due to increased seasonal production in major producing countries in Asia.
world price sunflower oil Due to the intense marketing activities of farmers, the frequency of seed harvesting of this grain in the Black Sea Region has decreased significantly. And about that rapeWhile international prices are decreasing due to the abundant export supply around the world, international prices are increasing. soy oil Despite the possibility of increased demand from the biodiesel sector, they followed the same trend.