The UN Food and Agriculture Organization said in a July 7 report its global food
price index rose 0.6% MoM to 131.1 in July, the highest since January 2023 and
18.2% below the March 2022 peak. The cereals index climbed 3.4% MoM: wheat +5.8%
on Black Sea export disruptions and heat in major producing areas; maize +3.6%
amid US heat/drought and firmer energy prices; rice was broadly stable. The
vegetable oils index gained 2.0% MoM to a high not seen since June 2022 as palm
and soybean oil tracked higher crude; sugar rose 5.6% MoM on European heat and
drought. Meat and dairy prices fell 2.8% and 0.7% MoM, respectively.
