From the Food and Agriculture Organization of the United Nations, November 5:
» The FAO Food Price Index* (FFPI) averaged 126.4 points in October 2025, down 2.1 points (1.6 percent) from the revised September level of 128.5 points, marking its second consecutive monthly decline. Lower price indices for cereals, dairy products, meat and sugar outweighed an increase in the vegetable oil index. Overall, the FFPI was slightly below its October 2024 level and remained 33.8 points (21.1 percent) lower than its peak in March 2022.
» The FAO Cereal Price Index averaged 103.6 points in October, down 1.3 points (1.3 percent) from September and 10.9 points (9.5 percent) below its level a year ago. Price indices of all the major cereals declined month-on-month. The wheat price index fell by 1.0 percent, mostly reflecting ample global supplies, favourable production prospects in the southern hemisphere where harvesting is underway, and steady progress of winter wheat planting across the northern hemisphere. The coarse grain index declined by 1.1 percent in October, with lower quotations for barley, maize and sorghum. Downward pressure on prices was partly offset by reports of reduced maize yields in the European Union and potentially also in the United States of America, as well as news of trade agreements between China and the United States of America. The FAO All Rice Price Index fell by 2.5 percent in October 2025, driven by intensified competition for markets and the start of main-crop harvests in several northern hemisphere exporting countries.
» The FAO Vegetable Oil Price Index averaged 169.4 points in October, up 1.5 points (0.9 percent) from September and reaching its highest level since July 2022. The increase reflected higher quotations for palm, rapeseed, soy and sunflower oils. International palm oil prices rebounded slightly after easing in the previous month, supported by expectations of tighter exportable supplies following Indonesia’s planned increase in biodiesel blending mandates in 2026, and despite higher-than-expected production in Malaysia. World sunflower oil prices rose for the fourth consecutive month in October, largely due to limited supplies from the Black Sea region amid harvest delays and cautious farmer sales. Meanwhile, global rapeseed and soy oil prices increased on account, respectively, of persistent tight supplies in the European Union and higher domestic demand in Brazil and the United States of America.
» The FAO Meat Price Index averaged 125.0 points in October, down 2.5 points (2.0 percent) from September but still 5.8 points (4.8 percent) above its level a year ago. After eight consecutive monthly increases, the decline was driven by sharp drops in pig and poultry meat prices and a fall in ovine meat prices, partially offset by higher bovine meat quotations. The pig meat price index declined amid abundant global supplies, with European Union’s export quotations coming under additional downward pressure due to weaker import demand from China following the introduction of new import duties. The poultry meat price index also contracted significantly, reflecting lower export prices from Brazil, where high pathogenicity avian influenza (HPAI)-related trade restrictions by China prompted exporters to redirect sales to lower-priced destinations. The ovine meat price index decreased, particularly in Australia, as larger supplies entered the market. By contrast, the bovine meat price index continued to rise, driven by higher quotations from Australia due to firm global demand.
» The FAO Dairy Price Index averaged 142.2 points in October 2025, down 5.0 points (3.4 percent) from September, marking the fourth consecutive monthly decline. Despite this decline, the index remained 2.7 percent above its level a year earlier. All sub-indices dropped – butter fell by 6.5 percent, whole milk powder by 6.0 percent, skim milk powder by 4.0 percent, and cheese by 1.5 percent. The continued decline in the butter price index largely reflected ample export availabilities from European Union and New Zealand, as moderate seasonal temperatures boosted milk production amid weaker import demand from Asia and the Middle East. Milk powder quotations also fell due to limited demand and strong export competition. The cheese price index declined only slightly, as modest easing in the European Union—where milk supplies remain adequate and export demand subdued—was partly offset by firmer prices in Oceania, supported by solid Asian orders and tighter early-season supplies....
....MUCH MORE
The index looks to be ready to give up all the increases over the last twelve months.
Related in the USA, the cattle are lowing (see what I did there?):
October 27 - Beef Prices Are Falling
Although not yet apparent at retail, the declines are in the pipeline:
TradingView - Live Cattle, 6 months
TradingView - Feeder Cattle, 6 months
It might have something to do with Argentine gauchos sending their best northward as the U.S. cattle barons restock their herds.
The downward trend has continued over the last ten days.
