GIEWS has released the latest Global Food Price Monitor, citing a slight rise in the FAO Food Price Index for June. The increase is based in large part on strong increases in global sugar prices, which are up 14 percent from May. At 234 points, June's Food Price Index remains 4 percent lower than the all-time high hit in February 2011.
International wheat prices declined for the second consecutive month, while rice prices increased. Declines in wheat prices are based on improved weather conditions in Europe and improved supply prospects due to Russia's announcement of the lifting of its export ban on July 1. Maize prices peaked to a record in early June due to continued wet weather in the US; these prices later retreated on news of an increased planting in the US. The June Cereal Price Index remains 71 percent higher than that of one year ago.
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