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The FAO Food Price Index rose 0.5 percent in February to 175.5 points, its seventh consecutive monthly gain and highest in almost two years. The cereal index rose 2.5 percent on wheat, while the vegetable oil index fell 4.1 percent.
FAO also projected 2017 global wheat output at 744.5 million tonnes, a 1.8 percent decline.
A projected drop in global wheat output and firmer cereal prices support feed grain costs, while weaker vegetable oil prices on slowing palm oil import demand point to softer oilseed meal and oil inputs.
fao.orgFeb 3, 2017After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 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.
After 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.
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.
