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The FAO Food Price Index was unchanged at 121.5 points in September, as higher sugar and maize prices offset lower vegetable oil, dairy and meat prices. Maize rose 7% on strong Brazilian demand, slower Argentine farmer selling and higher barge freight from low Mississippi River water levels, while wheat fell 1.6% and vegetable oils fell 3.9%.
Stronger maize prices and higher barge freight raise US and export feed costs, while lower vegetable oil and wheat prices offer some offsetting relief.
fao.orgJun 10, 2023After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
Not enough comparable past events yet for a historical read.
After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 96 past bearish report events, PALMOIL moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), and -0.9% 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.
