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FAO Meat Price Index: pig meat price quotations continued to rise

The FAO Meat Price Index was up marginally in May as pig meat price quotations continued to rise amid strong import demand from East Asia.

FAO PRICE INDEX The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, averaged 172.4 points in May, up 1.2 percent from the previous month while still 1.9 percent below its level in May 2018. The FAO Meat Price Index was up marginally in May as pig meat price quotations continued to rise.

The FAO Meat Price Index averaged 170.2 points in May, up marginally from April and continuing the moderate month-on-month price increases registered since the beginning of the year. In May, pig meat quotations continued to rise due to strong import demand, especially from East Asia, primarily driven by production declines associated with the spread of the African Swine Fever (ASF) in the region. Ovine meat prices also received a push from robust import demand, notwithstanding record export volumes from Oceania, while poultry meat prices remained stable reflecting well-balanced market conditions. By contrast, price quotations of bovine meat eased from the highs recorded in April, reflecting elevated global export supplies.