July 4, 2013

Global food prices fell 1% in June due to improving supply prospects, the United Nations’ food agency has said , raising forecasts for wheat and maize output in the new season.

Food prices spiked during the summer of 2012 due to a historic drought in the US but prospects for a rebound in global grain supply and good weather forecasts are now weighing on markets.

The Food and Agriculture Organisation’s (FAO) price index that measures price changes for a basket of cereals, oil seeds, dairy, meat and sugar, fell for a second month running to 211.3 points in June – its lowest level since February.

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