From the Food and Agriculture Organization of the United Nations, July 4:
» The FAO Food Price Index* (FFPI) averaged 128.0 points in June 2025, up 0.7 points (0.5 percent) from May. While the price indices for cereals and sugar decreased, they were outweighed by increases in the indices for dairy products, meat and vegetable oils. Overall, the FFPI was 7.0 points (5.8 percent) higher than its level in June 2024 but remained 32.2 points (20.1 percent) below its peak reached in March 2022.
» The FAO Cereal Price Index averaged 107.4 points in June, down 1.6 points (1.5 percent) from May and 7.8 points (6.8 percent) below its value a year ago. Global maize prices fell sharply for the second consecutive month, as rising seasonal supplies in Argentina and Brazil intensified competition across major export origins. World prices of sorghum and barley also decreased in June. By contrast, despite harvest pressure from the northern hemisphere, international wheat prices increased month-on-month, mostly reflecting weather concerns in some key producing areas, including the Russian Federation and parts of the European Union and the United States of America. The FAO All Rice Price Index fell by 0.8 percent, driven by weaker demand for Indica varieties.
» The FAO Vegetable Oil Price Index averaged 155.7 points in June, up 3.5 points (2.3 percent) from the previous month and 18.2 percent above its June 2024 level. The increase mainly reflected higher prices for palm, rapeseed and soy oil, more than offsetting a slight decline in sunflower oil prices. International palm oil prices rose by nearly 5 percent in June, largely underpinned by strong global import demand amid increased price competitiveness. Soy oil prices also rose in June, influenced by expectations of higher feedstock demand from the biofuel sector following announcements of supportive policy measures in Brazil and the United States of America. Rapeseed oil prices were bolstered by expectations of continued tight global supplies in 2025/26. By contrast, global sunflower oil prices declined due to anticipation of increased production in the Black Sea region.
» The FAO Meat Price Index averaged 126.0 points in June, rising 2.6 points (2.1 percent) from May and up 7.9 points (6.7 percent) from its value a year earlier, marking a new record high. The increase was driven by higher prices across all meat categories, except poultry. Global bovine meat prices reached a new peak, reflecting tighter export supplies from Brazil and strong demand from the United States of America, which exerted upward pressure on Australian export prices. Pig meat quotations rose due to firm global import demand amid stable supplies, while ovine meat prices increased sharply for the third consecutive month, supported by steady international demand and lower export availabilities from Oceania. By contrast, poultry meat prices continued to decline, pressured by ample domestic supplies in Brazil following the introduction of export restrictions after the detection of high pathogenicity avian influenza (HPAI) in mid-May. However, the impact was partly offset later in the month, as Brazil’s HPAI-free status was reinstated after a 28-day period without new outbreaks in commercial farms, leading some trading partners to ease restrictions and prompting a gradual recovery in import demand.
» The FAO Dairy Price Index averaged 154.4 points in June, up 0.8 points (0.5 percent) from May and 26.5 points (20.7 percent) from its value a year ago. The butter price index recorded the largest monthly increase, rising by 2.8 percent to a new record of 225 points. The continued upward trend was mainly driven by persistent supply tightness in Oceania and the European Union, coupled with strong import demand from Asia, including the Near East. New Zealand entered its seasonal production slowdown, while in the European Union, herd contractions triggered by environmental regulations curbed milk production expansion, with some western regions further impacted by lingering impacts of the bluetongue virus outbreaks in late 2024. In the United States of America, lower monthly butter production and stocks falling below last year’s levels added further pressure on prices. Cheese prices also rose for the third consecutive month, on continued solid retail and foodservice demand in East Asia. By contrast, skim milk powder prices edged down by 0.6 percent, while whole milk powder fell (2.3 percent) amid subdued demand and ample global supplies....
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