Source: Rita Jane Gabbett, MEATINGPLACE, 7/11/16


International food commodity prices shot up 4.2 percent in June, their steepest monthly increase of the past four years, according to the Food and Agriculture Organization (FAO) of the United Nations.

The FAO Food Price Index showed higher prices across all commodity categories except vegetable oils, and June’s climb was the fifth consecutive monthly increase. At 163.4 points in June, the index is now 1 percent below its year-ago level.

Meat prices rose 2.4 percent from May, as average quotations for pork, beef and poultry all rose for the third consecutive month.

The FAO Cereal Price Index rose 2.9 percent, primarily due to tightening spot corn export supplies from Brazil. Ample wheat supplies and reports of record yields in the United States held down wheat prices.

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