From the Food and Agriculture Organization of the United Nations, September 4:
» The FAO Food Price Index* (FFPI) averaged 133.3 points in August 2026, up 2.5 points (1.9 percent) from its revised July level. All commodity groups recorded higher price indices than in the previous month, albeit with marked differences in the magnitude of the increases. Compared to last year, the FFPI stood 3.3 points (2.5 percent) higher but remained 26.9 points (16.8 percent) below its peak reached in March 2022.
» The FAO Cereal Price Index averaged 116.3 points in August, up 2.5 points (2.2 percent) from July and marking its highest level since May 2024. International cereal prices increased across all major grains in August, supported by robust demand, weather-related concerns over crop prospects in key producing regions, and continued uncertainty surrounding Black Sea export flows. World wheat prices rose by 2.6 percent month-on-month, standing 15.0 percent above their year-earlier level, amid persistent disruptions to Black Sea export logistics, lower production prospects in parts of Europe following hot and dry weather, and a weaker United States dollar, which enhanced the competitiveness of dollar-denominated export supplies. International maize prices increased by 2.5 percent from July, underpinned by mounting concerns over yield prospects in parts of the Corn Belt of the United States of America and deteriorating production prospects in the European Union due to prolonged heat and dryness, with additional support from strong demand from the ethanol and feed sectors and disruptions to Ukrainian export flows. Concerns over input supplies following the closure of the Strait of Hormuz provided additional support to maize prices. World sorghum and barley prices also increased in August, up by 3.9 percent and 2.6 percent, respectively, broadly reflecting firmer conditions across feed grain markets. Meanwhile, the FAO All Rice Price Index increased by 0.5 percent in August 2026, as a combination of currency movements, sustained purchases by Asian and African countries, and prospects of tighter supplies underpinned Indica quotations.
» The FAO Vegetable Oil Price Index averaged 196.9 points in August, up 1.1 points (0.6 percent) from July, marking its third consecutive monthly increase and reaching its highest level since June 2022. The rise reflected higher world palm and soy oil prices, which more than offset lower quotations for sunflower and rapeseed oils. International palm oil prices continued to increase, driven by robust global import demand and concerns over the potential impact of El Niño-related weather conditions on production prospects in Southeast Asia. Soyoil prices of South American origin remained firm, supported by strong export demand, while quotations in the United States of America declined moderately amid uncertainty surrounding biofuel policies and their implications for domestic feedstock demand. Meanwhile, international sunflower and rapeseed oil prices dropped slightly, reflecting subdued import demand and expectations of ample supplies of both oils in the 2026/27 season.
» The FAO Meat Price Index averaged 127.9 points in August, up 1.2 points (1.0 percent) from its revised July value and close to its level a year ago. The increase reflected higher poultry, pig and ovine meat prices, which were partly offset by lower bovine meat quotations. International poultry meat prices rose, reflecting a rebound in Brazilian export prices amid strong global import demand. Pig meat quotations also surged, principally driven by higher prices in the European Union, where high temperatures continued to slow animal growth, limiting the availability of slaughter-ready pigs. The increase was partly offset by lower Brazilian prices amid ample supplies. Ovine meat prices increased on firmer quotations in New Zealand, underpinned by persistently limited export supplies and strong global import demand. By contrast, international bovine meat prices declined. With Brazil’s allocation under China’s beef safeguard import quota nearing full utilization, exports slowed further amid prospects of higher tariffs on additional shipments, while Australia had already reached quota thresholds in China and the Republic of Korea. This intensified competition for alternative destinations, exerting downward pressure on export prices in both countries.
» The FAO Dairy Price Index averaged 119.2 points in August, up 2.7 points (2.3 percent) from July, marking its first increase in four months, while it remained 21.7 percent below its level a year earlier. The increase was driven by higher milk powder and cheese prices, while butter quotations were broadly stable. Skim milk powder (SMP) and whole milk powder (WMP) prices rose by 3.0 percent and 2.4 percent, respectively, as firmer quotations in the European Union more than offset seasonal declines in Oceania. In the European Union, tightening milk supplies, compounded by hot and dry weather in several major producing regions, supported prices, while sustained import demand added upward pressure, particularly for SMP. In Oceania, by contrast, increasing seasonal milk production weighed on milk powder markets. Cheese prices increased by 2.7 percent during the month, extending the recovery that began in July. Higher quotations in the European Union, underpinned by limited milk availability, more than offset further price declines in Oceania, where expanding export supplies and continued market competition from the United States of America weighed on prices. Butter prices remained broadly unchanged from July, as firmer European quotations, reflecting tighter milkfat availability, were offset by lower prices in Oceania amid increasing seasonal supplies.
» The FAO Sugar Price Index averaged 106.4 points in August, up11.3 points (11.9 percent) from July and reaching its highest level since June 2025....
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