The price of food worldwide will remain high this year, the U.N.'s Food and Agriculture Organization says. Prices dropped last month on lower cooking-oil costs. The group's edible-oils index was at 243.6 in August, compared with 251.2 in July.
India harvested more than 31 million metric tons of oilseeds during the planting year that concluded in June, according to government estimates. The output included about 12.66 million metric tons of soybeans. Officials said the output could reduce vegetable oil imports, which rose year-over-year by 17.8% in June.
Global stockpiles of nine edible oils are expected to decline to levels not seen since 1974, according to U.S. government estimates. Meanwhile, a Bloomberg survey found that 11 analysts and traders expect palm oil prices to rise by an average of 23% by year's end. Overall, the demand increase for oils including palm, soy, rapeseed and coconut is estimated at 6.1% for marketing year 2010-11, compared with a production increase of only 4.2%.
Sanrio Global Consumer Products, the makers of Hello Kitty, partnered with Jelly Belly Candy Co. to launch a line of licensed jelly beans. The 10-Flavor Jelly Belly Hello Kitty Gift Box includes custom-flavored jelly beans in Hello Kitty packaging.
Functional foods that promise an immediate benefit such as an energy boost are more popular than ones that provide real health benefits but no quick gratification, a report says. The most successful products also communicate a specific benefit such as heart, bone or gut health.