The latest monthly report indicates a 1.3% decrease in cereal prices compared to September, with declines across all major cereals, and global reserves are on track to reach a historic high.
Meat prices fell by 2%, largely due to significant drops in pork and poultry prices. However, beef prices continued to rise, driven by higher quotations from Australia due to global demand.
Dairy prices fell by 3.4% in October, led by a steep decline in butter quotations owing to ample export availability from the European Union and New Zealand. Sugar prices also fell by 5.3% from the previous month, hitting their lowest level since December 2020, due to strong production trends in Brazil and increased output forecasts in Thailand and India.
The FAO’s vegetable oil price index defied the overall downward trend, rising by 0.9% in October to its highest level since July 2022.
Prices for palm, rapeseed, soybean, and sunflower oils increased due to a mix of factors, including biofuel regulations and harvest delays in the Black Sea region.
The FAO also released updated forecasts for global cereal markets today. Global cereal production is expected to increase by 4.4% in 2025, reaching a record 2,990 million tonnes, with production increases projected for all major cereals.
