Global Food Prices in February 2016

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

Tuesday, March 8, 2016

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. The most outstanding development last month was a surge in vegetable oil quotations, which, along with a small recovery in meat prices, more than offset declining cereal, sugar and dairy prices.

» The FAO Cereal Price Index averaged 148.3 points in February, marginally down from January and 13.7 percent less than one year ago. Among the major cereals, wheat prices fell most, subsiding 1.5 percent, influenced by slow trade activity and expectations of continued large export supplies for the remainder of the marketing season. Maize quotations were only marginally lower, sustained by large purchases by a number of countries. On the other hand, rice prices firmed slightly compared to last month, underpinned by stronger Japonica rice quotations.

» The FAO Vegetable Oil Price Index averaged 150.3 points in February, up as much as 11.2 points (or 8 percent) from January and the highest value since June 2015. The upswing was led by palm oil, which appreciated by 13 percent on reports of falling inventories in Southeast Asia, combined with poor prospects for production in the coming months. Soy oil prices also firmed, on the expectation that poor supplies of palm and other vegetable oils would boost global demand for soy oil.

» The FAO Dairy Price Index averaged 142 points in February, down 3.1 points (2.1 percent) from January. Lacklustre import demand, especially by China, and ample availability of supplies for export resulted in milk product prices falling across the board. Additionally, some importers limited purchases for stocks replenishment, as the market was perceived as being well-supplied for immediate and short-term needs. This sentiment was re-enforced by a rise in sales of SMP to intervention stocks in the EU.

» The FAO Meat Price Index* averaged 148.2 points in February, up marginally from its January revised value. For the different categories of meat, prices for bovine meat and pigmeat rose, whereas those of poultry and ovine meat fell. Bovine meat quotations moved higher, on the basis of constricted supplies in both Australia and the United States, while EU pigmeat prices continued to be underpinned by the opening of aid to private storage. Sheepmeat prices dipped for the fourth consecutive month, a reflection of seasonally peaking supplies from Oceania. Finally, the poultry industry continued to benefit from lower feed prices, a factor that has contributed to quotations falling each month since June last year.

» The FAO Sugar Price Index averaged 187.1 points in February, down 12.3 points (6.2 percent) from January, marking the second consecutive monthly decline after four months of steady rises. The decrease mainly mirrored better than expected crop conditions in Brazil, the world´s leading sugar producer and exporter. Prospects for a larger world sugar production decline than earlier anticipated did not reverse the price fall, amid comfortable global sugar inventories.

* Unlike for other commodity groups, most prices utilized in the calculation of the FAO Meat Price Index are not available when the FAO Food Price Index is computed and published; therefore, the value of the Meat Price Index for the most recent months is derived from a mixture of projected and observed prices. This can, at times, require significant revisions in the final value of the FAO Meat Price Index which could in turn influence the value of the FAO Food Price Index.



More on this topic

Food: Global Prices up to February 2020

March 2020

In the second month of this year, the FAO food price index rose by 8 percent compared to the same month in 2019, explained by rising prices of meat, dairy products, vegetable oils and sugar.

From FAO's monthly report:

-The FAO Food Price Index* (FFPI) averaged 180.5 points in February 2020, down 1.9 points (1.0 percent) from January but still 13.5 points (8.1 percent) higher than in February 2019.

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 February 2019

March 2019

In the second month of the year, the FAO food price index fell 2% from February 2018, explained by the decline in the prices of meat, vegetable oils and sugar.

From FAO's monthly report:

The FAO Food Price Index* (FFPI) averaged 167.5 points in February 2019, up 2.7 points (1.7 percent) from January.

Global Food Prices in April 2016

May 2016

The FAO Food Price Index continues to show a slow upward trend for the third consecutive month.

From a statement issued by the Food and Agriculture Organization:

The FAO Food Price Index (FFPI) averaged 151.8 points in April 2016, up 1.1 points (0.7 percent) from March, but almost 10 percent below its April 2015 level.

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