According to the Food and Agriculture Organization of the United Nations (FAO), in November the benchmark value of the global Food Price Index decreased, driven by falling international quotations for all major food products except cereals, reports ProAgro Group.

The average value of the FAO Food Price Index last month stood at 125.1 points, which is 1.2% lower than the revised October level. This marks the third consecutive monthly decline, leaving the index 2.1% below its November 2024 level and 21.9% below the record high registered in March 2022.

By the end of the month, the FAO Cereal Price Index rose by 1.3%. Despite generally favorable global supply prospects and reports of abundant harvests in Argentina and Australia, world wheat prices increased by 2.5% in November. This was driven by expectations of stronger demand from China for supplies from the United States, the continuation of hostilities in the Black Sea region, and the projected reduction of planted areas for the 2026 crop in Russia. Global maize prices also rose, supported by steady demand for shipments from Brazil, while the FAO Rice Price Index declined across all types amid sluggish import demand for Indica and aromatic rice varieties.

The FAO Vegetable Oil Price Index fell by 2.6% compared to its October level: declines in palm, rapeseed, and sunflower oil quotations more than offset a slight increase in soybean oil prices, which was supported by strong demand from biodiesel producers, particularly in Brazil.

The FAO Meat Price Index decreased by 0.8% compared to the revised October level. World poultry meat prices fell amid large export availabilities and intensifying competition in global markets, partly due to Brazil’s efforts to regain market share. Pork prices also declined, mainly under the influence of high supply in the EU and weak demand from China following the introduction of import tariffs. Sheep meat prices rose against a backdrop of generally stable beef quotations.

In November, the FAO Dairy Price Index dropped by 3.1%, reflecting lower quotations for butter and whole milk powder. This was due to increased milk production and substantial export availabilities in major producing regions.

The FAO Sugar Price Index fell by 5.9% compared to October, linked to expectations of ample global supply in the current season and strong production figures in Brazil, India, and Thailand.