Global trading platform TridgeGlobal trading platform TridgeGlobal trading platform Tridge
Intelligence & Data
Sign In
Current Plan
Intelligence & Data Solution
Get started with Premium Plan of our Intelligence & Data Solution to get access to premium content and data in food and agriculture
Local News

Global food commodity prices rebound in June

Price Trend
Demand
Supply Yield / Stock Quantity
Seasonality
COVID-19
Jul 2, 2020
Share This News
In June, global food commodity prices rose for the first time since the beginning of the year driven by a rebound in vegetable oils, sugar and dairy quotations. However, in the cereals and meat markets, most prices remained under downward pressure amid market uncertainties posed by the COVID-19 pandemic. The FAO Food Price Index, which tracks international prices of the most traded food commodities, averaged 93.2 points in June, some 2.4 percent higher than the previous month.
Effective from July 2020, the price coverage of the Food Price Index has been expanded and its base period revised from 2002- 2004 to 2014-2016. For more details on this revision, see the feature article published in the June 2020 issue of the FAO Food Outlook. A November 2013 article contains technical background on the previous construction of the Index. The FAO Vegetable Oil Price Index gained 11.3 percent in June, after declining for four consecutive months. The rebound mainly reflects a sharp rise in palm oil prices due to recovering global import demand, following the easing of COVID-19 related lockdowns in a number of countries, and concerns over possible production setbacks amid prolonged migrant labour shortages. Price quotations of soy, sunflower and rapeseed oils also went up. The FAO Sugar Price Index climbed 10.6 percent in June from the previous month. The surge in crude oil prices provided strong support to sugar markets, encouraging Brazil’s sugar mills to use more ...
Was this news article helpful?
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.