From the Food and Agriculture Organization of the United Nations, December 5:
» The FAO Food Price Index* (FFPI) averaged 125.1 points in November 2025, down 1.5 points (1.2 percent) from the revised October value of 126.6 points, marking a third consecutive monthly decline. Decreases in the price indices for dairy products, meat, sugar and vegetable oils outweighed an increase in the cereal index. Overall, the FFPI stood 2.6 points (2.1 percent) below its November 2024 level and remained 35.2 points (21.9 percent) lower than its peak in March 2022.
» The FAO Cereal Price Index averaged 105.5 points in November, up 1.9 points (1.8 percent) from October but still 5.9 points (5.3 percent) below its level a year earlier. Despite a generally comfortable supply outlook and reports of good harvests in Argentina and Australia, global wheat prices rose by 2.5 percent in November, albeit from levels last seen in the first half of 2020. Wheat markets were bolstered by potential Chinese interest in supplies from the United States of America, concerns over continuing hostilities in the Black Sea region, and expectations of reduced plantings in the Russian Federation. International maize prices also rose in November, underpinned by firm demand for Brazilian supplies and reports of fieldwork being hampered by rains in Argentina and Brazil. World prices of barley and sorghum increased as well, with prices of all major grains influenced by higher soybean prices. By contrast, the FAO All Rice Price Index declined by 1.5 percent in November, as main-crop harvests in northern hemisphere exporting countries and subdued import demand kept Indica and fragrant rice quotations under downward pressure.
» The FAO Vegetable Oil Price Index averaged 165.0 points in November, down 4.4 points (2.6 percent) from October and reaching a five-month low. The decline reflected lower prices of palm, rapeseed and sunflower oils, more than offsetting a slight increase in soyoil quotations. International palm oil prices fell in November, resulting in a discount relative to competing oils, largely due to higher-than-expected production in Malaysia. Meanwhile, after several consecutive months of increases, rapeseed oil prices eased on positive global production prospects, while sunflower oil quotations declined amid seasonally increasing supplies from the Black Sea region. Global soyoil prices remained steady and rose slightly, mainly supported by firm demand from the biodiesel sector, particularly in Brazil. Falling crude oil prices also contributed to lowering vegetable oil prices.
» The FAO Meat Price Index averaged 124.6 points in November, down 1.0 point (0.8 percent) from its revised October value, while remaining 5.8 points (4.9 percent) above its level a year ago. The monthly decline continued to be driven by lower pig and poultry meat prices, while bovine meat quotations remained broadly stable and ovine meat prices increased. Poultry meat quotations fell as Brazil’s export values declined amid abundant exportable supplies and stronger global competition. This drop was compounded by efforts to regain market share following the lifting of high pathogenicity avian influenza (HPAI)-related trade bans by key importing countries, including China, which removed its restrictions in early November. Pig meat prices also eased, mainly due to lower quotations in the European Union amid ample supplies and subdued demand, particularly from China, after the introduction of import duties in early September. Meanwhile, the removal of tariffs on beef imports into the United States of America tempered the upward price pressure, especially on Australian products, as major exporters sought to maintain their competitiveness, leaving global bovine meat prices largely stable. By contrast, ovine meat prices increased, underpinned by solid global import demand.
» The FAO Dairy Price Index averaged 137.5 points in November, down 4.4 points (3.1 percent) from October and 2.4 points (1.7 percent) from its value a year ago. International dairy prices fell for the fifth consecutive month, with declines recorded across all major dairy commodities. The continued easing stemmed from rising milk production and abundant export supplies in key producing regions, supported by ample butter and skim milk powder inventories in the European Union and seasonally higher output in New Zealand. Softer import demand for milk powders in parts of Asia also weighed on prices. Butter and whole milk powder registered the sharpest declines, driven by increased export availability and stronger competition among major suppliers, while skim milk powder prices fell only moderately amid ample supplies and limited buying interest. Cheese prices declined the least, as generally adequate supplies in both the European Union and Oceania were partially offset by firm demand in Asian and Near Eastern markets; even so, the cheese price index remained nearly 10 percent above its level a year earlier....
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