In May this year, the FAO index of world grain prices averaged 157,4 points, down 0,9 points (0,6%) from April. Such a decrease has been observed for the second month in a row, but this indicator is 29,2 points (by 22,8%) higher than in the same period last year, the organization's press service announced on June 3.
As will be clarified, the main factors behind this decline were the price indices for vegetable oils and dairy products, the price index for sugar also fell, but by a smaller amount. At the same time, the price indices for grain and meat rose in May.
In May, the average grain price index stood at 173,4 points, 3,7 points (2,2%) higher than April's reading but 39,7 points (29,7%) higher than May 2021. The fourth straight month continued continued the rise in global wheat prices, which were 5,6% in May and up 56,2% compared to the year-earlier average. This sharp increase is due to the grain export ban imposed by India. On the other hand, the world market prices for feed grains fell by 2,1 percent in May, but were still 18,1 percent above the previous year's value.
Press Service FAO
The average price index for vegetable oils in May stood at 229,3 points, which is 8,3 points (3,5%) below the value of the previous month but still well above the level of May last year. This month-on-month decline reflects the fall in palm oil prices, Sunflowers, Soybean and rapeseed oils contrary.