1055. Global Food Price Trends for June 2024

The Food and Agriculture Organization of the United Nations (FAO) released its Global Food Price Trends on July 5. The average value in June 2024 was 120.6 points, almost unchanged from the previous month, with lower grain prices offsetting higher prices for vegetable oil, sugar, and dairy products. This was 2.1% lower than the previous year and 24.8% lower than the historic high of 160.3 points in March 2022.

The grain price index fell 3.0% month-on-month and 9.0% year-on-year to 115.2 points in June. All export prices of major grains fell month-on-month. The decline in wheat prices was driven by continued harvesting in the Northern Hemisphere, improved production prospects in exporting countries such as Kazakhstan and Ukraine, and a temporary import ban in Turkey led to price easing. Maize exports also declined due to better-than-expected harvests in Argentina and Brazil, as well as higher-than-expected planted acreage in the United States. The rice price index declined slightly following the overall calm trade.

The vegetable oil price index rose 3.1% month-on-month, the highest level since March 2023. Palm oil rose after two consecutive months of declines as global demand returned to competitive prices. On the other hand, the price of soybean and sunflower oil rose due to demand in the U.S. biofuels sector and tight supply for exports in the Black Sea region.

Contributor: IIYAMA Miyuki (Information Program)