From the Food and Agriculture Organization of the United Nations, November 6:
» The FAO Food Price Index (FFPI)* averaged 133.9 points in October 2026, down 1.6 points (1.2 percent) from its revised September level. Price indices for cereals, dairy and meat products decreased from the previous month, while the vegetable oil price index increased only marginally and the sugar price index rose markedly. Compared to a year earlier, the FFPI stood 7.5 points (5.9 percent) higher but remained 26.3 points (16.4 percent) below its March 2022 peak.
» The FAO Cereal Price Index averaged 116.8 points in October, down 5.5 points (4.5 percent) from September and 13.1 points (12.6 percent) below its October 2025 level. World wheat prices declined following four consecutive monthly increases, largely reflecting subdued international demand and an improving production outlook, particularly in Argentina. Expectations of easing constraints on Black Sea export flows added to the downward pressure on prices, although continued disruptions to Black Sea logistics limited the decline. International maize quotations also eased after reaching a three-year high in September, weighed down by harvest-related pressure in the United States of America, expectations of ample supplies in major exporting countries in South America, and renewed prospects for an easing of tensions in the Black Sea region. Among other coarse grains, barley and sorghum quotations declined in tandem with wheat and maize, with favourable crop prospects in Australia exerting further downward pressure on barley prices. By contrast, the FAO All Rice Price Index increased by 1.6 percent in October 2026, as harvest delays in some rice exporting countries added to the upward price pressure exerted by adverse weather conditions and rising costs.
» The FAO Vegetable Oil Price Index averaged 199.2 points in October, up slightly by 0.6 points (0.3 percent) from September. The marginal rise in the index was mainly driven by higher soybean and sunflower oil quotations, which more than offset lower rapeseed oil prices, while palm oil prices remained virtually unchanged. World soybean oil quotations rose to their highest levels since late 2022, supported by continued firm demand from the biofuel sector and seasonally declining supplies from South America, while sunflower oil quotations rebounded from multi-month lows, underpinned by persistently tight export availabilities from the Black Sea region amid ongoing logistical disruptions. Meanwhile, international palm oil prices fluctuated only slightly in October but remained well above their year-earlier levels, supported by firm global import demand, amid improved price competitiveness relative to other vegetable oils, and expectations for lower production in the 2026/27 season across major Southeast Asian producing countries in. By contrast, global rapeseed oil prices declined amid seasonally increasing supplies and lower-than-expected demand for biodiesel feedstocks, particularly in the European Union.
» The FAO Meat Price Index averaged 125.5 points in October, down 1.6 points (1.2 percent) from September, while remaining slightly above its year-earlier level. Quotations declined for pig, ovine and bovine meat, while poultry meat prices remained broadly stable. Pig meat prices decreased, led by lower quotations in the European Union, where abundant supplies and limited export opportunities continued to weigh on the market amid subdued international demand. Ovine meat prices retreated further from record highs, as larger seasonal supplies in Australia exerted downward pressure, reinforced by currency movements. Nevertheless, overall export availability remained tight, keeping quotations well above year-earlier levels. Bovine meat prices eased slightly, reflecting lower Australian quotations amid intensified competition in global markets, although reduced market offerings, as widespread rainfall encouraged cattle retention, provided some support to prices. Meanwhile, Brazilian quotations remained broadly stable, as tighter export availabilities and stronger demand from the United States of America offset weaker buying interest from China. Poultry meat prices were little changed, with steady international demand balancing ample global supplies. In Brazil, export quotations were largely unchanged despite import restrictions imposed by some trading partners following Newcastle disease outbreaks first detected in the state of Santa Catarina on 18 October, with regionalization arrangements with major trading partners helping to limit trade disruptions.
» The FAO Dairy Price Index averaged 117.8 points in October, down 1.3 points (1.1 percent) from September, following the marginal decline recorded in the previous month. The index stood 16.9 percent below its year-earlier level, with skim milk powder (SMP) quotations 45.8 percent higher than in October 2025, butter and cheese prices 31.1 and 29.3 percent lower, respectively, and whole milk powder (WMP) prices broadly unchanged. The October decrease was driven by declines in international butter and cheese quotations, which more than offset further increases in milk powder prices. Butter and cheese markets weakened amid ample supplies and subdued buying interest, particularly in the European Union, where elevated butter stocks and ample cheese supplies continued to weigh on prices despite signs of slowing growth in milk production. Competitive export supplies from the United States of America exerted additional downward pressure on prices. By contrast, SMP prices rose markedly across major exporting regions, supported by sustained import demand and limited supplies available for prompt delivery. In the United States of America, strong demand for nonfat dry milk, coupled with competition for milk solids from higher-value dairy protein products, tightened powder availability despite overall ample milk supplies. WMP quotations edged higher, as firmer prices in Oceania more than offset a marginal price decline in Europe....
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