The FAO Food Price Index fell in October, and global grain stockpiles may reach a historic high.

The FAO Food Price Index is a monthly measure of the change in international prices of a basket of food commodities. In October 2025, the FAO Food Price Index averaged 126.4 points, down 1.6% from the revised value of September. The FAO Cereal Price Index fell 1.3% month-on-month in October, with all major cereal price indices showing declines. The wheat price index dropped by 1.0%, the coarse grains price index by 1.1%, and the FAO rice price index by 2.5%. The FAO Meat Price Index fell 2.0% month-on-month in October, mainly due to significant declines in pork and poultry prices. In contrast, the beef price index continued to rise, driven by stable global demand pushing up Australian beef prices. The FAO Dairy Price Index fell 3.4% month-on-month in October 2025. Butter prices dropped the most due to ample export supplies from the EU and New Zealand. Milk powder prices also declined due to limited import demand and intense export competition. The FAO Sugar Price Index fell 5.3% ...