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Food Outlook – Biannual report on global food markets

Year of publication 2024

Place of publication Rome, Italy ;

Pages 91 p.

Author FAO

Publisher FAO ;

Product type Book (series)

ISBN 978-92-5-139327-7

Series title Food Outlook

Series number November 2024

Synopsis (short abstract) FAO’s latest assessments indicate differing trajectories across different commodities, with wheat, maize, and sugar production set to decline, while outputs of dairy, fisheries, meats, oilseeds, and rice are expected to increase, with implications for utilization, trade, and stock levels. 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.

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

Fertilizer market developments

The June 2024 edition of Food Outlook offered a special feature section on developments on the fertilizer markets, elaborating on the main drivers of elevated fertilizer prices in 2022 and 2023. This article summarizes the main developments since June 2024 and provides a short-term outlook.

Read it here

Low-carbon ammonia for fertilizer production

Ammonia is one of the most widely used chemical commodities and a key input for an array of nitrogenous and phosphatic fertilizers. Its manufacturing is a highly energy intensive process which produces CO2 emissions. The article provides an overview of low-carbon ammonia types (blue and green), the outlook for supply and demand, applications and potential for the production and use of low-carbon fertilizers.

Read it here

Focus on olive oil

International olive oil prices increased significantly since late 2022 and reached historical highs in early 2024. Global production in 2024/25 is expected to recover to a level slightly above the five-year average, while relatively tight supplies and high prices are likely to constrain world consumption. This special feature article reviews the current global olive oil market and challenges faced by the industry.

Read it here

Cite this content as:

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

https://doi.org/10.4060/cd3177en

Language English

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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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    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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