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As of Jun, FAO Food Price Index remained steady

05.07.2019 18:14 "Agro Perspectiva" (Kyiv) As of this year Jun, global food prices declined just slightly (due to dairy products and vegetable oils prices drop having had more than offset a significant jump of maize quotations) and are now very close to their level of a year ago, FAO reports referring to the latest FAO Food Price Index. As to the report, the Index, which tracks monthly changes of the international prices of commonly traded food goods, averaged 173 points within this year Jun, down 0.3% against this year May. As to the report, the FAO Cereal Price Index rose 6.7% within this year Jun against this year May (due to the expectations of much tighter maize export shipments from the US pushed quotations up for maize and, as a spillover, also for wheat). Rice prices were broadly stable. Besides, the FAO Sugar Price Index, as of this year Jun, was up 4.2% against this year May strongly influenced by the Brazilian Real appreciation against the US dollar. By contrast, the FAO Dairy Price Index dropped by 11.9%, marking its first decline within five months, led by frail demand for cheese and butter. In meanwhile, the FAO Vegetable Oil Price Index declined 1.6%, with palm oil and soyoil prices both down on the back of sluggish global import demand and expectations of ample global supplies, respectively. At same time, the FAO Meat Price Index boosted 1.5%, driven by strong import demand from East Asia for ovine, pig and poultry meat to offset domestic meat output shortfalls.

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