FAO Food Price Index holds steady in november, dairy prices were rising
Source: The DairyNews
The FAO Food Price Index (FFPI) maintained its level at 120.4 points in November 2023, unchanged from October. The balance resulted from increased indices for vegetable oils and dairy products, offsetting declines in cereals and meat. The FFPI stands 10.7% below the corresponding level a year ago.
Cereal Price Index: Averaged 121.0 points, down 3.0% from October and 19.4% from a year ago. Coarse grains witnessed a significant 5.6% monthly drop, driven by lower maize prices due to increased selling activity in Argentina and higher supplies in the U.S. Wheat prices fell by 2.4%, influenced by enhanced seasonal supplies in Argentina and Australia.
Vegetable Oil Price Index: Averaged 124.1 points, rising 3.4% from October. The increase resulted from higher palm and sunflower oil prices, counterbalancing lower soy and rapeseed oil quotations. Palm oil prices rebounded by over 6.0% due to active purchases and lower outputs in major producing countries.
Dairy Price Index: Averaged 114.2 points, up 2.2% from October, marking the second consecutive monthly increase. The rise was driven by increased demand for butter and skim milk powder, particularly from Northeast Asian buyers, limited inventories, and elevated internal demand in Western Europe ahead of winter holidays.
Meat Price Index: Averaged 111.8 points, marginally down (0.4%) from October, reflecting minor drops in poultry, pig, and bovine meats. The decline in poultry meat prices was influenced by increased supplies, primarily from Brazil, despite avian influenza challenges. Pig meat prices were down due to sluggish import demand in Asian markets.
Vegetable Oil Price Index: Averaged 124.1 points, rising 3.4% from October. The increase resulted from higher palm and sunflower oil prices, counterbalancing lower soy and rapeseed oil quotations. Palm oil prices rebounded by over 6.0% due to active purchases and lower outputs in major producing countries.
Dairy Price Index: Averaged 114.2 points, up 2.2% from October, marking the second consecutive monthly increase. The rise was driven by increased demand for butter and skim milk powder, particularly from Northeast Asian buyers, limited inventories, and elevated internal demand in Western Europe ahead of winter holidays.
Meat Price Index: Averaged 111.8 points, marginally down (0.4%) from October, reflecting minor drops in poultry, pig, and bovine meats. The decline in poultry meat prices was influenced by increased supplies, primarily from Brazil, despite avian influenza challenges. Pig meat prices were down due to sluggish import demand in Asian markets.
