Cereals fell in price the most, vegetable oils rose in price
The FAO Food Price Index, which tracks monthly changes in international prices for a range of globally traded food commodities, averaged 120.8 points in July, slightly below the revised June reading of 121.0. The index is already 3.1 percent lower than its corresponding value a year earlier.
FAO Cereal Price Index was down 3.8 percent from June as global export prices for all major grains fell for a second month in a row. Wheat prices declined due to increased seasonal availability from the current Northern Hemisphere winter crops and generally favorable conditions in Canada and the US. Corn export prices also eased as harvests in Argentina and Brazil advanced ahead of last year’s pace and US crop conditions remained stable. The rice price index was down 2.4 percent from June amid calm trading activity for both Indica and Japonica varieties.
The FAO Vegetable Oil Price Index, on the contrary, it rose 2.4% from June to hit a one-and-a-half-year high. Global quotes for palm, soybean, sunflower and canola oil rose, lifted by strong demand for soybean oil from the biofuels sector and a deteriorating outlook for sunflower and canola oil crops in several major producing countries.
The FAO Meat Price Index rose 1.2 percent in July amid strong import demand for sheep, beef and poultry, although pork prices eased slightly due to an oversupply situation in Western Europe.
The FAO Sugar Price Index rose 0.7 percent from June as lower-than-expected production in Brazil outweighed the impact of improved monsoon rains in India and favorable weather conditions in Thailand.
The FAO Dairy Price Index remained unchanged in July as decreases in milk powder quotes offset increases in butter and cheese.
The next FAO food price index will be published on 6 September.
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