Food: Global Prices up to July 2019

In the seventh month of the year, FAO's food price index rose 2% over the same month in 2018, again explained by the increase in the prices of cereals, meat and sugar.

Friday, August 2, 2019

From FAO's monthly report:

» The FAO Food Price Index* (FFPI) averaged 170.9 points in July 2019, down 1.1 percent (1.8 points) from June but 2.3 percent higher than in July 2018. The month-on-month decline was the result of lower prices for some cereals, dairy products and sugar, which more than offset somewhat firmer prices for meat and oils.

» The FAO Cereal Price Index averaged 168.6 points in July, down 2.7 percent (4.6 points) from June but 4.1 percent above its level in the corresponding month last year. The decline in July was driven by lower wheat and maize prices. In wheat markets, despite downward adjustments to production prospects in several countries, large export supplies and continued expectations of record world production this year weighed on international prices. Similarly, after their rapid surge in June, international maize prices fell in July; ample export availabilities, particularly in Argentina and Brazil, contributed to the slide. However, FAO's all rice price index marked its fifth successive month of stability, amid generally quiet market activity.

» The FAO Vegetable Oil Price Index averaged 126.5 points in July, up 0.8 percent (one point) from the previous month but still 11 percent below last year’s corresponding level. Overall, firmer soy and sunflower oil prices more than offset a further drop in palm oil values. The concurrence of seasonal production rises in Southeast Asia and sluggish global import demand continued weighing on palm oil prices. On the other hand, soyoil prices appreciated almost in tandem with rising soybean values while low crush volumes in the United States also contributed to the increase. Similarly, sunflower oil firmed as a slowdown in crushing in the Black Sea region coincided with robust international demand.

» The FAO Meat Price Index* averaged 176.2 points in July, up 0.6 percent (one point) from its slightly revised value for June and registering the sixth moderate month-on-month price increase. At this level, the index value stands at nearly 10 percent above that of January 2019, but almost 17 percent below its peak in August 2014. In July, price quotations for ovine meat rose further, boosted by strong import demand from Asia amid supplies from Oceania retreating from their seasonal highs. Asia’s robust import demand for bovine meat also contributed to further gains in bovine prices. However, quotations for pigmeat were down slightly after four months of continued increases, reflecting larger export availabilities from Brazil and the United States. Poultry quotations held firm at June levels, with markets characterized by generally stable but still strong demand.

» The FAO Dairy Price Index averaged 193.5 points in July, down 2.9 percent (5.7 points) from June, representing the second consecutive month of decline. At this level, the index value is some 6 percent above that of January 2019 but almost 3 percent below the corresponding month last year. In July, quotations for butter declined the most, followed by cheese and Whole Milk Powder (WMP). Weakness from lacklustre spot market trading, as the summer holiday period in the Northern hemisphere enters its peak, contributed to the weaker prices. By contrast, Skim Milk Powder (SMP) prices recovered, supported by firmer buying interest from the Middle East and Asia.

» The FAO Sugar Price Index averaged 182.2 points in July, down 0.6 percent (one point) from June 2019, mainly on expectations for higher sugarcane yields in India, the world’s largest sugar producer, following above average rainfalls in the main sugar producing regions. The decline in world prices was, however, somewhat contained by a strengthening of the Brazilian currency (Real) against the United States Dollar, a move that tends to restrain exports from Brazil, the world’s largest sugar exporter. In addition, new estimates pointing to smaller sugar production in Brazil’s Centre-South through June also provided some support.



More on this topic

Food: Global Prices up to June 2019

July 2019

In the sixth month of the year, the FAO food price index increased by 1% compared to the same month in 2018, explained by the increase in the prices of cereals, meat and sugar.

From FAO's monthly report:

The FAO Food Price Index* (FFPI) averaged 173 points in June 2019, down marginally (0.3 percent) from May and very close to its level in June 2018.

Global Food Prices - July 2016

August 2016

After five consecutive months of increases, the index of food prices fell slightly in July, reflecting a reduction in the prices of cereals and vegetable oils.

From a statement issued by the Food and Agriculture Organization:

4 August 2016, Rome – The international prices for major food commodities saw a modest decline in July, following five consecutive months of increases. The FAO Food Price Index (FPI) averaged 161.9 points in July 2016, slipping 0.8 percent (1.3 points) below its level in June and 1.4 percent below its level of July 2015.The overall decline of the Index was largely caused by drops in international quotations of grains and vegetable oils, more than offsetting firmer dairy, meat and sugar prices.

Global Food Prices in February 2016

March 2016

The FAO Food Price Index averaged 150.2 points in February 2016, nearly unchanged from January, but 14.5% below February 2015.

From a statement issued by the Food and Agriculture Organization:

The FAO Food Price Index* (FFPI) averaged 150.2 points in February 2016, nearly unchanged from January, but 25.6 points (14.5 percent) below February 2015.

International Prices of Food - June 2015

July 2015

In June prices of sugar and dairy products fell sharply, meat remained stable, while cereals and oils showed improvement.

The FAO Food Price Index* averaged 165.1 points in June 2015, down 1.5 points (0.9 percent) from the previous month and almost 44 points (21.0 percent) down from June 2014.

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