» The FAO Vegetable Oil Price Index averaged 171.1 points in July, down 40.7 points (19.2 percent) and marking a 10-month low. The sharp drop was driven by falling world prices across palm, soy, rapeseed and sunflower oils. International palm oil prices declined for the fourth consecutive month in July, due primarily to prospects of ample export availabilities out of Indonesia, the world’s leading palm oil exporter. In the meantime, world soy and rapeseed oil quotations fell on, respectively, protracted sluggish demand and expectations of ample new crop supplies. In the case of sunflower oil, international prices dropped markedly amid subdued global import demand, despite continued logistics uncertainties in the Black Sea region. Lower crude oil prices also exerted downward pressure on vegetable oil values. » The FAO Dairy Price Index averaged 146.4 points in July, down 3.8 points (2.5 percent) from June, but still 29.7 points (25.4 percent) above its value in July of last year. International quotations for skim milk powder registered the steepest decline, followed by those of butter and whole milk powder, principally reflecting lacklustre market activities in Europe due to the summer holidays. Furthermore, most buyers were well covered for their immediate needs, which, in tandem with weak demand from China and high dairy prices, led to declines in the demand for spot supplies, weighing on international quotations. Meanwhile, world cheese prices remained stable, as high internal sales in European tourist destinations compensated for weaker global import demand. Despite an overall weak trading activity, tight global supplies sustained global dairy prices at elevated levels. » The FAO Meat Price Index* averaged 124.0 points in July, down 0.6 points (0.5 percent) from June, marking the first month-on-month decline following six consecutive monthly increases.
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