The FAO Food Price Index (FFPI) averaged 201 points in June 2012, down 4 points (1.8 percent) from a slightly revised (up) May value of 205 points and still the lowest since September 2010. After the third consecutive month of decline, the June value of the FFPI is 15.4 percent below the peak reached in February 2011. Continued economic uncertainties and generally adequate supply prospects kept international prices of most commodities under downward pressure, although growing concerns over adverse weather sustained prices of some crops toward the end of the month. Nonetheless, the price indices of all commodity groups composing the FFPI averaged below May, with the largest drop registered for the Oils/Fats.
» The FAO Cereal Price Index averaged 221 points in June, unchanged from May and down 45 points (16.8 percent) from its peak of 265 points in April 2011. Grain prices were very volatile in June, with weather as the main driver. After a generally subdued situation during the first half of the month, markets moved up in the second half amid deteriorating crop prospects, most notably for maize in the United States. The increase in maize prices underpinned wheat values, which were already experiencing some increases on downward adjustments to production forecasts in the Russian Federation. Rice prices remained largely steady, with large differences persisting across origins.
» The FAO Oils/Fats Price Index averaged 221 points in June, down for the second consecutive month. After falling by 6.8 percent in May, the index fell by another 5.6 percent in June notwithstanding prospects for further supply and demand tightness for oilcrops in 2012/13. The recent easing in international oils/fats prices was caused primarily by larger than expected oilcrop plantings in northern hemisphere countries, as well as a sizeable decline in crude oil prices, which has weakened demand for vegetable oils from the energy sector.
» The FAO Meat Price Index averaged 174 points in June, down 1.3 percent from May. Prices of all the meat categories fell, because of a faltering global import demand and a weakening of currencies in some major exporting countries. Despite their recent weakness, meat prices in the first six months still averaged 1 percent higher in 2012 than in 2011, sustained by lingering high bovine meat quotations.
» The FAO Dairy Price Index averaged 173 points in June, down 1.5 percent from the revised May value and the fifth consecutive monthly decline. The June index slide was mainly on account of butter and whole milk powder, whose prices registered large drops, while those of skim milk powder and casein firmed somewhat. Since the beginning of the year, dairy prices have shed 16.1 percent of their value.
» The FAO Sugar Price Index averaged 290 points in June, down 5 points (1.6 percent) from May and as much as 68 points (19.0 percent) below their level in June 2011. Sugar prices declined for the fourth month in a row, reflecting larger availabilities in India, the EU and Thailand, new supplies from Brazil reaching the market, and declining crude oil prices. However, prices regained some strength towards the end of June on the back of unfavourable harvesting conditions in Brazil, the world’s largest sugar exporter.
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Source : FAO
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