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The FAO Food Price Index averaged 131.2 points in January, down 0.8 percent from December and the tenth straight monthly decline. Vegetable oil, dairy and sugar prices drove the fall, while international rice prices jumped 6.2 percent on tight availability and strong Asian local demand.
Wheat prices fell 2.5 percent on strong Australian and Russian output.
Lower palm and soy oil prices and weaker wheat point to softer oilseed and wheat costs for feed. The sharp rice rally signals firmer rice prices, which could raise costs for rice-based feed.
fao.orgMar 2, 2023After 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), and -0.9% over 20.
After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% over 20.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 88 past bullish report events, Rough Rice moved a median +0.0% over 5 sessions (50% higher; middle half -1.5% to +2.1%), and +2.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
