Global food commodity prices accelerated in September, with wheat and maize prices reaching multi-year highs as supply constraints, weather risks and trade disruptions tightened markets, according to the Food and Agriculture Organisation (FAO) of the United Nations.
The FAO Food Price Index (FPI) averaged 136 points in September, rising 2 points, or 1.5 percent, from its revised August level. The increase was driven by higher prices for cereals, vegetable oils and sugar, while meat prices declined and dairy prices were broadly unchanged.
The latest increase leaves the global food benchmark 6 percent above its level a year earlier, although it remains 15 percent below its March 2022 record, when food markets were severely disrupted following Russia’s invasion of Ukraine.
Wheat, maize lead cereal rally
Cereal markets recorded the strongest increase among the major food commodity groups, with the FAO Cereal Price Index rising 5 percent month-on-month to 122.8 points.
The index was also 17 percent higher than its September 2025 level.
World wheat prices rose 6 percent in September to their highest level since August 2023, with the FAO attributing the increase largely to logistical constraints in the Black Sea region that prompted importers to seek supplies from alternative origins.
Dry weather in parts of North America ahead of winter wheat planting also added to concerns over future production.
The rise in cereal prices comes at a sensitive point for food-importing economies, as higher international grain costs can feed into domestic prices for flour, bread, animal feed and other food products.
Maize prices were similarly pressured, climbing nearly 6 percent during the month to their highest level in more than three years.
The FAO said the increase reflected a tightening supply outlook following lower-than-expected yields in the United States and reduced export availability from Brazil.
Trade disruptions in the Black Sea further constrained maize availability, while uncertainty surrounding shipping through the Strait of Hormuz continued to raise concerns over fuel, fertiliser and freight costs.
The upward pressure extended beyond wheat and maize.
World sorghum prices increased 14 percent in September, while barley prices rose 3.9 percent as the broader feed-grain market strengthened.
The FAO also pointed to expectations of increased Chinese sorghum purchases following trade discussions between China and the United States.
Rice prices advanced 1.4 percent during the month, with Indica quotations rising amid weather concerns and seasonally tighter supplies.
The FAO Vegetable Oil Price Index also increased, rising 0.9 percent in September to 198.6 points, leaving the index 18 percent above its level a year earlier.
Palm oil was the main driver, with international prices increasing for a fourth consecutive month.
Strong global import demand and concerns over the impact of dry weather on production in Southeast Asia supported palm oil prices.
The increase was partly offset by falling sunflower oil prices, which declined for a third consecutive month as expectations of ample Black Sea supplies weighed on the market.
However, logistical disruptions and constrained export capacity through alternative routes limited the decline.
Soy and rapeseed oil prices were broadly stable, although soy oil remained well above year-earlier levels on strong demand from the biofuel sector.
Sugar provided another source of upward pressure on the global food index.
The FAO Sugar Price Index rose 6 percent in September to 114 points, marking its third consecutive monthly increase and taking the index to its highest level since April 2025.
Sugar prices were also 15 percent above their September 2025 level.
Not all food commodities followed the upward trend.
The FAO Meat Price Index fell 1.1 percent in September to 127.9 points, returning roughly to its level a year earlier.
The decline was driven mainly by lower poultry and pig meat prices, while bovine and ovine meat quotations remained broadly stable.
The Dairy Price Index was virtually unchanged, edging down 0.1 percent to 119.1 points.
Lower cheese prices were almost entirely offset by higher milk powder quotations, while butter prices changed little.
According to the FAO report, the September data point to a food commodity market increasingly influenced by the interaction of weather, trade routes, geopolitics and energy costs.
The Black Sea remains a major source of uncertainty for grain markets, while concerns around the Strait of Hormuz are feeding into expectations for fuel, fertiliser and freight costs.
