Food: Global Prices up to September 2019

In the ninth month of the year, the FAO food price index increased by 3% compared to September 2018, explained by the rise in the prices of sugar, meat, dairy products and vegetable oils.

Monday, October 7, 2019

From FAO's monthly report:

» The FAO Food Price Index* (FFPI) averaged nearly 170 points in September 2019, unchanged from August but 3.3 percent higher than in the corresponding period last year. While in September sugar prices fell sharply, the decline was almost entirely offset by higher prices of vegetable oils and meat. The Dairy index was down only marginally, whereas that of cereals remained steady.

» The FAO Cereal Price Index averaged 157.6 points in September, nearly identical to its August average and down 3.9 percent (6.4 points) from September 2018. However, among the major cereals, prices moved in different directions. Wheat prices were firmer in September amid brisk trade activity, though they remained well below (by 11 percent) the same time last year, pressured by the overall good supply outlook. By contrast, maize price quotations were down month-on-month, as international prices continued to slide because of large export availabilities in both southern and northern hemisphere exporting countries. International rice prices were steady to mildly lower in September, as the support provided by seasonal tightness and currency movements was countered by slow import demand and uncertainties surrounding policies in the Philippines and Nigeria.

» The FAO Vegetable Oil Price Index averaged 135.7 points in September, up 1.8 points (or 1.4 percent) from August, marking the highest level in 13 months. The modest increase mostly reflects higher price quotations for palm and rapeseed oils, whereas those for soy and sunflower oil fell month-on-month. While international palm oil values rose on steady import demand from India and China, rapeseed oil price quotations continued to increase, fuelled by the EU’s deteriorating production outlook amid firm demand from the biodiesel sector. In addition, rising crude mineral oil prices lent support to vegetable oil values. By contrast, soy and sunflower oil prices dropped on account of, respectively, sluggish global import demand and prospects of large supplies in the Black Sea region.

» The FAO Dairy Price Index averaged 193.4 points in September, down 0.6 percent (1.1 points) from the previous month but still 1.3 percent higher than its value in the corresponding month last year. In September, price quotations for cheese and butter fell, especially at the lower end of the price range. Moderate increases in export availabilities, principally in New Zealand, where milk production is nearing the seasonal peak, contributed to the decline. By contrast, Skim Milk Powder (SMP) and Whole Milk Powder (WMP) price quotations firmed on strong import demand amid limited export availabilities, especially in Europe.

» The FAO Meat Price Index* averaged 181.5 points in September, up 0.8 percent (1.4 points) from August, continuing the moderate month-on-month price increases observed since February 2019.  In September, price quotations for ovine and bovine meats continued to firm on solid import demand, especially from China, despite elevated export availabilities in Oceania. By contrast, while domestic pigmeat prices in China - the world’s largest market - remained at the high levels recorded the previous month, pigmeat prices in international markets tended lower, pressured by increased export supplies in Europe. Price quotations for poultry meat remained stable, as export availabilities were adequate to meet import demand.

» The FAO Sugar Price Index averaged 168.0 points in September, down nearly 6.8 points (3.9 percent) from August. The month-on-month decline was largely driven by the expectation of ample sugar stocks due to positive production prospects for the upcoming 2019/20 marketing season. Furthermore, weaker international energy prices in the second half of September contributed to the decline in international sugar prices by encouraging producers to reduce the use of sugarcane for the production of ethanol, notably in Brazil, the world’s largest sugar exporter.



More on this topic

Food: Global Prices up to October 2019

November 2019

In the tenth month of the year, the FAO food price index rose 6% from October 2018, explained by rising prices of sugar, meat, dairy products and vegetable oils.

From FAO's monthly report:

» The FAO Food Price Index* (FFPI) averaged 172.7 points in October 2019, up 1.7 percent (3 points) from September and 6.0 percent higher than in the corresponding period last year.

Food: Global Prices up to August 2019

September 2019

In the eighth month of the year, the FAO food price index fell 2% from July 2019, explained by the decline in the prices of sugar and main cereals.

From FAO's monthly report:

» The FAO Food Price Index* (FFPI) averaged 169.8 points in August 2019, down 1.1 percent (almost 2.0 points) from July but still 1.1 percent higher than in August 2018.

Food: Global Prices up to July 2019

August 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.

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.

Food: Global Prices up to October 2018

November 2018

In September, the FAO food price index decreased 7% compared to the same month in 2017, because of lower prices for meat, dairy products, cereals, vegetable oils and sugar.

From FAO's monthly report:

» The FAO Food Price Index* (FFPI) averaged 163.5 points in October 2018, down 1.4 points (0.9 percent) from September and some 13 points (7.4 percent) below its level in the corresponding period last year.

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