Cereal prices fell 2.6 percent, an average of 20 percent below the March 2023 level. FAO: food prices rose in March, wheat fell in price Economic Development
Increased international quotations for vegetable oils, dairy products and meat largely offset the decline in quotations for grains and sugar. This is stated in the monthly report of the Food and Agriculture Organization (FAO).
The increase in world quotations for vegetable oils, dairy products and meat led to an increase in the basic index of world prices for food products – this figure increased by 1.1 percent in March. However, compared to March last year, it is down 7.7 percent.
Vegetable oils rose in price by eight percent compared to February, reaching a yearly maximum amid rising prices for palm, soybean, sunflower and rapeseed oils. Global palm oil prices rose due to seasonally lower production in leading producing countries and strong domestic demand in Southeast Asia, while soybean oil prices recovered from multi-year lows, supported by strong demand from the biofuels sector, especially in Brazil and the United States.
The FAO Dairy Price Index rose for the sixth month in a row, up 2.9 percent from February, helped by rising global dairy prices. cheese and butter.
The meat price index increased by 1.7 percent compared to the previous month.
Cereal prices fell 2.6 percent, an average of 20 percent below March 2023 levels. Wheat fell due to continued strong export competition between the European Union, the Russian Federation and the United States of America. Corn export prices rose sharply in March, partly due to logistics difficulties in Ukraine, while the rice price index fell 1.7 percent amid weaker global demand.
The sugar price index fell by 5.4 percent – experts attribute this to increased sugar production in India and improved harvest rates in Thailand.