Global food commodity prices edged lower in October, led by a sharp decline in cereal prices.
The Food and Agriculture Organization of the United Nations on Friday reported that its Food Price Index – which measures the monthly change in international prices of a basket of food commodities - averaged 133.9 points in October. That is down 1.2% from September but still 5.9% above the same month last year. The index remained 16.4% below its March 2022 peak in the aftermath of the Russian invasion of Ukraine.
The cereal price index averaged 116.8 points in October, falling 4.5% from September and 12.6% from October 2025.
World wheat prices declined following four consecutive monthly increases, pressured by subdued international demand and improving production prospects, particularly in Argentina, the FAO said. Expectations of fewer restrictions on Black Sea exports added to the weakness, although ongoing logistical disruptions in the region helped limit losses.
International corn prices also retreated after reaching a three-year high in September. Harvest pressure in the U.S., expectations of ample South American supplies and renewed hopes for easing Black Sea tensions all weighed on values.
Barley and sorghum prices followed wheat and corn lower, with favourable Australian crop prospects adding pressure on barley. In contrast, international rice prices rose 1.6%, supported by harvest delays, adverse weather, and higher costs in some exporting countries.
Meanwhile, the FAO vegetable oil price Index averaged 199.2 points, edging 0.3% higher from September as gains in soybean and sunflower oil outweighed weaker rapeseed oil prices.
Soybean oil prices climbed to their highest levels since late 2022, supported by strong biofuel demand and seasonally declining supplies from South America.
Sunflower oil prices rebounded from multi-month lows amid tight Black Sea export supplies and continuing logistical disruptions.
Palm oil prices were relatively steady but remained well above year-earlier levels, supported by firm import demand and expectations of lower 2026-27 production in major Southeast Asian countries.
Conversely, rapeseed oil prices declined as seasonal supplies increased and biodiesel feedstock demand, particularly in the European Union, fell short of expectations.
Meanwhile, the FAO meat price index declined 1.2% from September as pork, sheep and beef prices weakened, while poultry prices remained stable.
The dairy price index fell 1.1%, reflecting weaker butter and cheese prices that more than offset increases in milk powder quotations.
The sugar price index jumped 6.6%, its fourth consecutive monthly increase, reaching its highest level since December 2024 amid Brazilian harvest disruptions and production concerns in India, the EU and Thailand.
