Wahyu Dwi Anggoro
The FAO Sugar Price Index declined 16.6 percent from November 2023, hitting a nine-month low although still up 14. 9 percent from December 2022. The plunge in sugar quotations was mainly driven by the strong pace of production in Brazil, along with reduced use of sugarcane for ethanol production in India.
The FAO Meat Price Index dipped 1.0 percent from November, reaching a level 1.8 percent below that of December 2022, impacted by persistent weak import demand from Asia for pig meat. Regional buying interest also slowed for bovine and poultry meat despite ample exportable supplies in large producing regions. Ovine meat prices by contrast rose ahead of holidays.
Bucking the trend, the FAO Dairy Price Index increased by 1.6 percent from November 2023, although still standing 16.1 percent below its December 2022 value. The monthly increase was led by higher price quotations for butter and cheese, underpinned by strong internal sales in Western Europe ahead of the holiday season. At the same time, strong global import demand led international whole milk powders to rise. (WHY)
