UN updates on Ukraine grain and global food price

The benchmark for world food commodity prices declined significantly in July, with major cereal and vegetable oil prices recording double-digit percentage declines, the Food and Agriculture Organization of the United Nations reported Friday.

Chief Economist, UN Food and Agriculture Organization, Maximo Torero said "So the decline from very high for commodity prices is welcome, but many uncertainties remain, including the still high fertilizer prices that impact farmers and future production prospects for the next year and the global economic outlook and currency movements, all of which both ongoing constraints for the global food security."

Meanwhile, the U.N. said the Joint Coordination Centre of the Black Sea Grain Initiative authorized the departure of three vessels from Ukraine, two from the port of Chornomorsk and one from Odesa. The ships are carrying 58,041 metric tons of corn.