From the Food and Agriculture Organization of the United Nations, October 2:
» The FAO Food Price Index* (FFPI) averaged 136.0 points in September 2026, up 2.0 points (1.5 percent) from its revised August level. Price indices for crop-based commodity groups (cereals, vegetable oils, and sugar) all increased from the previous month, while the meat price index declined and the dairy price index remained stable. Compared to a year earlier, the FFPI stood 7.4 points (5.8 percent) higher but remained 24.3 points (15.1 percent) below its peak reached in March 2022.
» The FAO Cereal Price Index averaged 122.8 points in September, up 6.0 points (5.1 percent) from August and 18.0 points (17.2 percent) above its September 2025 value. World wheat prices increased by 6.3 percent from August, reaching their highest level since August 2023, although daily quotations eased towards the end of the month. The rise was largely associated with logistical constraints in the Black Sea region, which prompted importers to shift towards alternative origins. Dry weather conditions in parts of North America ahead of winter wheat planting also contributed to the increase. Global maize prices rose by 5.6 percent month-on-month to their highest level in more than three years, supported by a tightening supply outlook following lower-than-anticipated yields in the United States of America and less export availability in Brazil. Trade disruptions in the Black Sea region reduced maize export availability, while uncertainty over shipping through the Strait of Hormuz kept concerns about fuel, fertilizer and freight costs elevated, providing additional support to commodity prices, particularly for those used as biofuel feedstocks, such as maize. World sorghum and barley prices also increased in September, by 13.7 percent and 3.9 percent, respectively, in line with broader trend across feed grain markets, as well as expectations of increased Chinese purchases of sorghum following trade discussions between China and the United States of America. The FAO All Rice Price Index increased by 1.4 percent in September 2026, as Indica quotations rose amid weather concerns and seasonally tighter supplies.
» The FAO Vegetable Oil Price Index averaged 198.6 points in September, up 1.8 points (0.9 percent) from August and 18.3 percent above its level a year earlier. The increase was driven mainly by higher world palm oil prices, more than offsetting a decline in sunflower oil quotations. Soy and rapeseed oil prices remained broadly stable during the month. International palm oil prices rose for the fourth consecutive month, supported by strong global import demand and concerns over the impact of dry weather on production prospects in Southeast Asia. By contrast, sunflower oil prices declined for the third successive month, reflecting expectations of ample supplies from the Black Sea region, although ongoing logistical disruptions and constrained export capacity through alternative routes contained the decline. World soy oil prices were little changed, remaining well above their year-earlier levels, supported by robust demand from the biofuel sector. Rapeseed oil prices also remained largely unchanged.
» The FAO Meat Price Index averaged 127.9 points in September, down 1.5 points (1.1 percent) from its revised August value and in line with its level a year ago. The decline reflected lower poultry and pig meat quotations, while bovine and ovine meat prices remained broadly stable. International poultry meat quotations declined amid ample export supplies from Brazil and weaker import demand from the European Union following the entry into force on 3 September of the antimicrobial-related import requirements. The effect was most evident for higher-value products and was compounded by the front-loading of imports ahead of the implementation of the new rules. Pig meat prices also declined amid abundant supplies in major exporting countries. In the European Union, animal growth rates returned to normal levels following the decline during the summer heatwaves, supporting increased supplies and weighing on prices. For bovine meat, export prices in Australia declined amid intensified global competition, while quotations increased in Brazil, supported by stronger demand from the United States of America after the temporary expansion of the tariff-rate quota for lean beef trimmings on 1 September, which reduced duties on additional import volumes. Ovine meat prices remained on average unchanged, as support to export prices in Oceania from firm global import demand was tempered by lower quotations in New Zealand, largely reflecting currency movements.
» The FAO Dairy Price Index averaged 119.1 points in September, down by 0.2 points (0.1 percent) from August. Declines in cheese prices were almost offset by increases in milk powder quotations, while butter prices changed little. The index remained 19.1 percent below its level a year earlier. While skim milk powder quotations stood 33.1 percent above their year-earlier level, cheese and butter prices were substantially lower. Milk powder prices rose across major origins, supported by sustained import demand, particularly from Asia, and limited availability for prompt delivery. In Oceania, firm buying interest more than offset downward pressure from seasonally larger milk production. Cheese prices declined across the major exporting regions. The trend was driven mainly by developments in the European Union, where weaker buying interest and strong competition from abundant export supplies from the United States of America weighed on prices. Increasing seasonal export availability in Oceania added further downward pressure. By contrast, butter prices were on average little changed, as lower export quotations in Oceania were largely offset by firmer prices in Europe due to limited milkfat availability following a hot and dry summer....
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