According to the United Nations food agency world food prices eased for a second month in a row in July, reflecting declines for cereals, vegetable oils and dairy products.
However they remained up nearly a third over the past year.
FAO food price index, indeed, which tracks international prices of the most globally traded food commodities, averaged 123.0 points last month compared with 124.6 in June.
In particular, FAO’s cereal price index fell 3.0% in July from the previous month, weighed down by a 6% drop in corn prices.
Corn prices were pressured by improved Argentine and U.S. production prospects and cancelled import orders by China, which outweighed harvest concerns in Brazil, the FAO said.
Vegetable oil prices declined 1.4% versus June to a five-month low, as a rebound in palm oil quotations was offset by lower levels for other oils.
The dairy price index dropped 2.8%.
Meanwhile, wheat prices rose 1.8% to their highest since mid-2014, boosted by worries over dry conditions in NorthAmerica, heavy rain in #Europe and lower-than-expected initial yields in Russia.
FAO’s sugar index also increased by 1.7%.
The meat index, meantime, rose only slightly overall with poultry prices increased most sharply due to strong imports in EastAsia while pork prices eased amid a decline in Chinese imports.
To note that the agency did not update its world cereal supply and demand forecasts.
Additionally, to note that on a year-on-year basis, prices were up 31.0% in July.
