As food commodity prices climbed in April, there was a notable drop in global sugar and dairy product prices, according to the FAO.
In April, global food commodity prices shifted upwards, driven by increases in meat, vegetable oils, and cereals, as reported by the FAO. Despite declines in sugar and dairy, the FAO Food Price Index edged up by 0.3%, reaching 119.1 points.
Grains: Wheat prices held steady amidst tough competition among major exporters, despite concerns over crop conditions in parts of Europe, Russia, and the US. Maize prices rose due to high demand and logistical disruptions. Rice prices fell due to harvest pressures.
Vegetable oil and meat: Vegetable oil prices reached a 13-month peak due to higher quotes for sunflower and rapeseed oil. Meat prices climbed by 1.6%, driven by increases in poultry, bovine, and ovine meat. However, pork prices dipped due to weak demand.
Sugar and dairy: Sugar prices dropped by 4.4% due to improved global supply prospects. Dairy prices saw a slight decrease, ending a six-month streak of increases, impacted by lower demand for skim milk powder and cheese, although butter prices rose.
Overall, the dynamics in global food markets reflect a complex interplay of supply and demand factors, influencing prices across various commodities.
