Lang
Rome – The Food and Agriculture Organization of the United Nations (FAO) reported that the global benchmark index for food commodity prices fell in May, as notable declines in international prices for maize and palm oil outweighed historically high prices for butter and beef.
The FAO Food Price Index, which tracks monthly changes in the international prices of a basket of globally traded food commodities, averaged 127.7 points in May, down 0.8% from April but still 6% higher than its level a year earlier.
The FAO Vegetable Oil Price Index fell 3.7 percent from April, with prices of all the major oils declining. International palm oil prices dropped notably, driven mainly by seasonally higher production and ample supplies in Southeast Asia. Global soybean oil prices were affected by rising supplies in South America and weaker demand for biofuel feedstocks, while rapeseed oil prices fell on improved supply prospects in the European Union. Sunflower oil prices also declined amid weak global import demand and reduced price competitiveness.
Source: Al Mal Forum