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Food Outlook – Biannual report on global food markets

Year of publication 2024

Place of publication Rome, Italy ;

Pages 144 p.

Author FAO

Publisher FAO ;

Product type Book (series)

ISBN 978-92-5-138860-0

Series title Food Outlook

Series number June 2024

Synopsis (short abstract) FAO’s latest forecasts point to increased production and higher stocks for several basic foodstuffs. However, global food production remains susceptible to shocks arising from weather conditions, geopolitical tensions, and policies. These factors could disrupt the delicate balance between supply and demand, impacting global food security.Issued twice a year, the November issue of the Food Outlook offers market summaries of FAO’s reviews of market supply and demand trends for the world’s major foodstuffs, namely cereals, oilcrops, sugar, meat, dairy and fish. It also looks at trends in food import bills, Ocean freight rates, international food prices and futures markets. The Markets and Trade Division of FAO, as part of the Global Information and Early Warning System (GIEWS), produces and publishes the Food Outlook to enhance transparency in global food markets. Concerning global cereal markets, the Food Outlook maintains a close synergy with the quarterly GIEWS publication Crop Prospects and Food Situation. Food Outlook is available in English. The summary section is available in Arabic, Chinese, French, Russian, and Spanish.

Markets at a Glance

  • Cereals
    • This report provides an analysis of the most recent developments in the global cereals market, including a short-term outlook. Read it here
  • Wheat
    • This report provides an analysis of the most recent developments in the global wheat market, including a short-term outlook. Read it here
  • Coarse Grains
    • This report provides an analysis of the most recent developments in the global coarse grains market, including a short-term outlook. Read it here
  • Rice
    • This report provides an analysis of the most recent developments in the global rice market, including a short-term outlook. Read it here
  • Oilcrops, oils and meals
    • This report provides an analysis of the most recent developments in the global oilcrops market, including a short-term outlook. Read it here
  • Sugar
    • This report provides an analysis of the most recent developments in the global sugar market, including a short-term outlook. Read it here
  • Meat and meat products
    • This report provides an analysis of the most recent developments in the global meat market, including a short-term outlook. Read it here
  • Milk and milk products
    • This report provides an analysis of the most recent developments in the global milk market, including a short-term outlook. Read it here
  • Fish and fishery product
    • This report provides an analysis of the most recent developments in the global fish market, including a short-term outlook. Read it here

Special feature

Focus on Fertilizers

Fertilizers have been subject to economic, environmental, and geopolitical disruptors. In 2023, the reduction in energy prices spurred production and improved supply, which helped ease prices, fueling a robust rebound in demand and trade. The 2024/25 outlook for fertilizers suggests stability but shocks to energy markets continue to pose risks. Read it here

Dynamic effects of shocks to shipping costs on the food import bill

Recent restrictions and disruptions to maritime transportation have added pressure on international trade. The feature article analyses the dynamic effects of shocks to the shipping costs on the food import bill. The analysis distinguishes between modes of maritime transportation - dry bulk and container - and examines how these shocks affect net food-importing developing countries.Read it here

Cite this content as:

FAO. 2024. Food Outlook – Biannual report on global food markets. Food Outlook, June 2024. Rome.

https://doi.org/10.4060/cd1158en

Language English

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    FAO’s latest forecasts point to increases in production and higher stocks across several basic foodstuffs. However, global food production systems remain vulnerable to shocks, stemming from weather conditions, geopolitical tensions and policies, potentially tipping the delicate demand-supply balances, with implications for global food security. Issued twice a year, the November issue of the Food Outlook offers market summaries of FAO’s reviews of market supply and demand trends for the world’s major foodstuffs, namely cereals, oilcrops, sugar, meat, dairy and fish. It also looks at trends in food import bills, Ocean freight rates, international food prices and futures markets. The Markets and Trade Division of FAO, as part of the Global Information and Early Warning System (GIEWS), produces and publishes the Food Outlook to enhance transparency in global food markets. Concerning global cereal markets, the Food Outlook maintains a close synergy with the quarterly GIEWS publication Crop Prospects and Food Situation. Food Outlook is available in English. The summary section is available in Arabic, Chinese, French, Russian, and Spanish.
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    FAO’s latest forecasts point to somewhat easing of market conditions for basic foodstuffs. However, increased climate variability, conflicts and geopolitical tensions, bleak economic prospects, soaring agricultural input costs and export restrictions continue to pose challenges to global food commodity market stability. Issued twice a year, the November issue of the Food Outlook offers market summaries of FAO’s reviews of market supply and demand trends for the world’s major foodstuffs, namely cereals, oilcrops, sugar, meat, dairy, and fish. It also looks at trends in food import bills, agricultural input import bills, Ocean freight rates and FAO food price indices. The Markets and Trade Division of FAO, as part of the Global Information and Early Warning System (GIEWS), produces and publishes the Food Outlook to enhance transparency in global food markets. Concerning global cereal markets, the Food Outlook maintains a close synergy with the quarterly GIEWS publication Crop Prospects and Food Situation. Food Outlook is available in English. The summary section is available in Arabic, Chinese, French, Russian, and Spanish.
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    In view of the soaring input prices,concerns about the weather, and increased market uncertainties stemming from the war in Ukraine, FAO’s latest forecasts point to a likely tightening of food markets in 2022. Meanwhile, the global food import bill is on course to hit a new record high of USD 1.8 trillion, an all-time high, almost entirely on account of higher prices. Issued twice a year, Food Outlook offers FAO’s reviews of market supply and demand trends for the world’s major foodstuffs, including cereals, oilcrops, sugar, meat and dairy and fish. It also looks at trends in futures markets and shipping costs for food commodities. The new edition also contains two special chapters examining the role of rising prices for agricultural inputs, such as fuel and fertilizers, and the risks the war in Ukraine poses for global food commodity markets. Food Outlook is published by the Markets and Trade Division of FAO as part of the Global Information and Early Warning System (GIEWS). Food Outlook maintains a close synergy with another major GIEWS publication, Crop Prospects, and Food Situation, especially with regard to the coverage of cereals. Food Outlook is available in English. The summary section is also available in Arabic, Chinese, French, Russian, and Spanish.
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