Posted on May, 6, 2024 at 09:55 am
The benchmark for world food commodity prices edged higher in April, as rising meat prices and modest upticks for vegetable oils and cereals more than offset decreases for sugar and dairy products, the Food and Agriculture Organisation of the United Nations (FAO) reported today (Friday, May 3).
The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally-traded food commodities, averaged 119.1 points in April.
This was up by 0.3% from its revised March level, while down 9.6% from the same month in 2023.
The FAO Cereal Price Index rose 0.3% from March, ending a three-month declining trajectory.
The report said that global wheat export prices stabilised in April as strong competition among major exporters offset concerns about unfavorable crop conditions in parts of the EU, Russia and the US.
Maize export prices increased, influenced by high demand amid mounting logistical disruptions as a result of infrastructure damages in Ukraine and concerns about the production in Brazil ahead of the main harvest.
The FAO All-Rice Price Index declined by 1.8%, due largely to falls in Indica quotations driven by harvest pressure.
The FAO Vegetable Oil Price Index also increased by 0.3% from March, reaching a 13-month high, as higher quotations for sunflower and rapeseed oil offset slightly lower prices for palm and soy oil.
Source: Agriland