The may decline was due to significant falls in the price indices for vegetable oils, cereals and dairy products, which were partly offset by increases in the indices for sugar and meat.

Cereals recorded an average of 129.7 points, 4.8% lower than in april and 25.3% below the record value reached a year ago.

In addition, international wheat costs declined 3.5% from the previous month, reflecting prospects for abundant global supplies in the upcoming 2023/24 marketing year and the extension of the Black Sea Grain Export Initiative.

Corn prices fell by 9.8 % in may, depressed by the favorable outlook for 2023/24, which points to a recovery in world supply, given the forecasts of increased production in the United States of America, two of the main exporters.

Likewise, oils were 48.2% below their year-ago level. The continued decline in the index reflects lower world prices for palm, soybean, rapeseed and sunflower oils.

Dairy averaged 118.7 points, down 3.2% from april and 17.7% below its value in may 2022.

International poultry prices continued to rise in may, driven by persistently high import demand.

Translated by: A.M