Translation. Region: Russian Federation –
Source: United Nations – United Nations –
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March 6, 2026 Economic development
Global food prices rose in February for the first time in five months. According to the updated index from the Food and Agriculture Organization of the United Nations (FAO), higher prices for wheat, most vegetable oils, and some meats outweighed lower prices for cheese and sugar.
The FAO index, which tracks international prices of key commodities, reached 125.3 points, up 0.9 percent from January but still one percent below last year's level.
Price dynamics for major product groups
In February, global grain prices increased by 1.1 percent on average. The rise in global wheat prices was driven by reports of frosts in Europe and the United States, as well as ongoing logistical disruptions in Russia and the Black Sea region. International corn prices also rose slightly, and the rice index increased by 0.4 percent, thanks to robust demand for basmati and Japanese rice.
Vegetable oils rose 3.3 percent, reaching their highest level since June 2022. Palm oil prices rose due to strong global demand and a seasonal decline in production in Southeast Asia. Soybean oil prices rose on expectations of new biofuel support measures in the US, while rapeseed oil prices rose on forecasts of increased Canadian imports. Sunflower oil, on the other hand, fell slightly due to increased exports from Argentina.
Meat prices increased by 0.8 percent. Lamb prices reached a record high, while beef prices increased due to strong demand from China and the United States. Pork and poultry also showed slight increases.
Dairy prices fell by 1.2 percent, primarily due to lower cheese prices. Meanwhile, skim and whole milk powder prices rose due to strong demand in North Africa, the Middle East, and Southeast Asia. Butter prices rose for the first time since their record high in June 2025.
Sugar prices fell 4.1 percent month-on-month and 27.3 percent compared to February 2025, reflecting expectations of ample global supplies this season.
Forecasts for 2026: Decline in wheat crops
The FAO also released a preliminary forecast for wheat production in 2026. The global harvest is expected to decline by about three percent to around 810 million tonnes, while remaining above the five-year average.
In the European Union, Russia, and the United States, farmers are reducing their winter wheat acreage due to lower prices. In India, by contrast, the outlook is favorable: record sowings are spurred by government support measures. Positive expectations are also being noted in Pakistan and China generally.
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