World food prices up for tenth straight month

Adjusted for inflation, FAO’s Food Price Index rose over 2 percent from February and was up 25 percent YOY. This was the tenth straight month of gains for the price index. For 2021 through March, food prices are up 17 percent year on year [...]

February milk production report skewed by extra leap day last year

USDA’s milk production report showed some interesting results through February, but the 29 days in February 2020 make it more difficult to draw meaningful conclusions. Before talking about the results, it is worth revisiting the changes made for January 2021, which many in the [...]

Strong February gains for the Food Price Index

FAO reported the February Food Price Index (inflation adjusted) up almost 15 percent from January. The index saw gains for nine straight months and is now at its highest point since 2011. Every single subindex gained in February, with the strongest gains seen for [...]

Meteoric rise in international dairy prices

Breathtaking gains in dairy prices in Fonterra’s latest global auction had a feel of a short squeeze with aggressive bids and few offers. In particular, a genuine lack of free containers for maritime transit has hurt spot availability. Chinese buyers returned to the market [...]

Butter stocks surge as milk supply grows

Two major news releases from USDA on Tuesday, Feb.23, prompted a counterintuitive market reaction as prices firmed toward the end of the week. The Cold Storage Report showed AA salted butter stocks at 328 million pounds through January 2021. To put that in perspective, [...]

FAO: World food prices up nearly 8.8% YOY in January

FAO reported its January food price index up 2.7 percent from December and up 8.8 percent YOY (adjusted for inflation). Month on month, its component subindexes were either up (cereals, oils, sugar) or nearly flat (meat, dairy). Year on year, nearly all subindexes made [...]

Global dairy strength propping up domestic market

In Fonterra Global Dairy Trade online auction events of the last two months, prices for dairy products have surged just over 16 percent. Last week’s event was no exception, with prices advancing up an impressive 4.8 percent overall. Category leaders included anhydrous milkfat (up [...]

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