On March 8th the United Nations Food and Agricultural Organization released the Index of Food Commodities for February 2024. A sequential 12-month reduction in food prices is evidenced by the 10.3 percent decrease in the Index from 131.1 in February 2023 to the most recent value of 117.3.
Component indices included:-
- The Cereal Index was down 6.1 percent from January to 113.8 points due to lower corn and wheat prices but offset by a raise in rice.
- The Vegetable Oil Index was down 1.2 percent from January to 120.9 points with lower soy and sunflower oils but higher palm oil on increased demand.
- The Dairy Index was up 1.3 percent from January to 120.0 points
- The Meat index was up 2.0 percent from January tp 112.4 points with higher poultry and beef prices but lower prices for pork products with decreased demand from China
Boutiful crops in Brazil and Argentina with restoration of Black Sea shipping using the ‘Humanitarian Corridor’ along the eastern seaaboard have collectively reduced concern over availability of grains and oilseeds and contributed to a moderation in prices for agronomic commodities.