Grain in the world has fallen in price to a two-year low

According to UN estimates, the world price index for agricultural products fell to the lowest level in two years in June of this year, due to lower prices of sugar, oil, dairy products and cereals. This is reported by FAO. The FAO Food Price Index, which tracks monthly changes in international prices for commonly traded food commodities, averaged 122.3 in June, down 1.4 percent from May and 23.4 percent from March 2022, when it was at its peak. The FAO cereal price index decreased by 2.1% compared to May. International feed grain prices fell 3.4% in June due to increased corn supplies from harvests in Argentina and Brazil and an improved outlook for production in key US production areas. International wheat prices fell 1.3% with the start of harvest in the Northern Hemisphere, under the influence of sufficient supply and a lower export tax in the Russian Federation, as well as improved conditions in the US. High domestic food prices, which differ from the FAO Food Price Index, are ...