The benchmark for world food commodity prices increased for the month of September, with quotations up for all covered commodity groups, according to figures published today (Friday, October 4) by the Food and Agriculture Organisation of the United Nations (FAO).
The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally-traded food commodities averaged 124.4 points in September 2024, up 3% from August.
The FAO dairy price Index rose by 3.8% in September, with quotations up for whole milk powder, skim milk powder, butter and cheese.
Skim milk powder prices rose due to limited export availabilities amid tight milk supplies and robust domestic purchases in Western Europe.
Word butter prices increased for the 11th consecutive month, due to solid import and domestic demand, tight inventories and limited milk supplies in Western Europe. World cheese prices also increased, reflecting strong global import demand.
The FAO Cereal Price Index increased by 3% during the month, led by higher wheat and maize export prices.
International wheat prices increased due largely to concerns over excessively wet conditions in Canada and the EU. It was also partly offset by competitively priced supplies from the Black Sea region.
FAO Food Price Index
World maize prices also climbed, influenced by low water levels on key transportation routes along the Madeira River in Brazil and the Mississippi River in the US.
The FAO Vegetable Oil Price Index increased by 4.6% from August, with higher quotations across the board for palm, soy, sunflower and rapeseed oils.
The FAO Meat Price Index increased by 0.4%, mainly due to higher poultry meat prices driven by strong import demand for Brazil’s product.
World bovine and pig meat prices remained stable, while those for ovine meat declined slightly from August levels.
The FAO Sugar Price Index registered the largest increase in September, rising by 10.4%. This was driven by worsening crop prospects in Brazil and concerns that India’s decision to lift restrictions on sugarcane use.
