The FAO Dairy Price Index rose to 127.8 points in June, up 1.2%
Source: The DairyNews
The FAO Food Price Index (FFPI) remained unchanged in June 2024 at 120.6 points, as price increases for vegetable oil, sugar, and dairy products offset a decline in cereal prices, while the meat index saw little change. Despite this stabilization after three consecutive monthly increases, the FFPI was 2.1% lower than its value a year ago and 24.8% below its peak of 160.3 points in March 2022.
The FAO Cereal Price Index fell to 115.2 points in June, down 3.0% from May and 9.0% from June 2023. Global export prices for all major cereals dropped, driven by seasonal harvest pressure in the northern hemisphere, improved production prospects in countries like Kazakhstan and Ukraine, and a temporary import ban by Türkiye. Maize prices declined due to progressing harvests in Argentina and Brazil, alongside larger-than-expected maize plantings in the United States. Prices for barley and sorghum also fell, while the FAO All Rice Price Index posted a modest monthly decline amid generally quiet trading.
The FAO Vegetable Oil Price Index increased to 131.8 points in June, up 3.1% from May and reaching its highest level since March 2023. This rise was fueled by higher prices for palm, soy, and sunflower oils, while rapeseed oil prices remained stable. International palm oil prices rebounded due to reviving global import demand, while soy and sunflower oil prices were driven by strong biofuel sector demand and declining export availabilities in the Black Sea region.
The FAO Dairy Price Index rose to 127.8 points in June, up 1.2% from May and 6.6% higher than a year ago. International butter prices reached a 24-month high, supported by strong global demand and low inventories in Oceania. Skim milk powder prices increased due to steady imports from Eastern Asia, while whole milk powder prices rose slightly. In contrast, cheese prices decreased marginally due to a slowdown in global import demand.
The FAO Meat Price Index averaged 116.9 points in June, virtually unchanged from May and 1.8% lower than a year ago. Poultry meat prices declined due to abundant supplies, while ovine meat prices rose significantly on high import demand. Pig meat prices saw a slight increase, supported by steady import demand and active internal sales in North America. Bovine meat prices remained stable, reflecting well-balanced global demand and supply conditions.
The FAO Vegetable Oil Price Index increased to 131.8 points in June, up 3.1% from May and reaching its highest level since March 2023. This rise was fueled by higher prices for palm, soy, and sunflower oils, while rapeseed oil prices remained stable. International palm oil prices rebounded due to reviving global import demand, while soy and sunflower oil prices were driven by strong biofuel sector demand and declining export availabilities in the Black Sea region.
The FAO Dairy Price Index rose to 127.8 points in June, up 1.2% from May and 6.6% higher than a year ago. International butter prices reached a 24-month high, supported by strong global demand and low inventories in Oceania. Skim milk powder prices increased due to steady imports from Eastern Asia, while whole milk powder prices rose slightly. In contrast, cheese prices decreased marginally due to a slowdown in global import demand.
The FAO Meat Price Index averaged 116.9 points in June, virtually unchanged from May and 1.8% lower than a year ago. Poultry meat prices declined due to abundant supplies, while ovine meat prices rose significantly on high import demand. Pig meat prices saw a slight increase, supported by steady import demand and active internal sales in North America. Bovine meat prices remained stable, reflecting well-balanced global demand and supply conditions.
