On April 5^th the United Nations Food and Agricultural Organization released the Index of Food Commodities for March 2024.  A sequential 12-month reduction in food prices is evidenced by the 7.7 percent decrease in the Index from 131.1 in February 2023 to  the most recent value of 118.3 but the Index was up 1.1 percent from the previous month.

Component indices included:-

• The Meat index in March was up 1.7 percent from February to 113.0 points with higher poultry, pork and beef  prices due to Easter demand but with lower prices for ovine products due to increased supply from Australia.
• The Cereal Index was down 2.6 percent from February to 110.8 points due to lower rice, wheat and barley prices but offset by an increase in corn.
• The Vegetable Oil Index was up a noteworthy 8.0 percent from February to 130.6 points with higher prices for palm, soy and sunflower oils on increased demand and diversion to biodiesel in the U.S. and Brazil.
• The Dairy Index was up 2.9 percent from February to 113.0 points

Boutiful crops in Brazil and Argentina with restoration of Black Sea shipping using the ‘Humanitarian Corridor’ have collectively reduced concern over availability of grains and oilseeds and contributed to a moderation in prices for grain and oilseed commodities.