Since April, global commodity prices have been falling, according to the United Nations’s Food and Agricultural Organization (FAO) index of food prices. The latest figures from July show the steepest decline since 2008, driven by the drop in prices of vegetable oil and cereals. The index measures the monthly change in average prices of meat, dairy, cereals, vegetable oils, and sugar worldwide.
British oil major BP and U.S. commodities trader Bunge Ltd have put their Brazilian sugar and ethanol joint venture BP Bunge Bioenergia up for sale, newspaper Valor Economico reported on Tuesday. Abu Dhabi's Mubadala and Brazilian energy company Raizen SA - a joint venture of Shell and Cosan SA - were among those interested to buy the company, said the report, citing sources familiar with the matter. JPMorgan will advise BP Bunge on the deal, Valor said, adding that the company's assets were valued at between 9 billion and 10 billion reais ($1.96 billion).
(Bloomberg) -- India, the world’s second-biggest sugar producer, will permit millers to export an additional 1.2 million tons in the year ending in September, Food Secretary Sudhanshu Pandey said on Friday.Most Read from BloombergChina Announces Sanctions on Nancy Pelosi Over Taiwan TripChina Likely Fired Missiles Over Taiwan in Drills, Japan SaysDemocrats Drop Carried Interest as Sinema Paves Way for Tax VoteThat’s on top of the current export quota of 10 million tons, which the government set