World Food Prices Down in May

Jun 02, 2023

Wheat and corn helped to lead the way down as world food prices eased in May, the Food and Agriculture Organization (FAO) of the United Nations reported Friday.

The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, averaged 124.3 points in May, down 2.6% from April and as much as 22.1% below the all-time high reached in March 2022 following the Russian invasion of Ukraine.

The May decline in food prices follows a slight uptick in April, when the index inched up 0.6% to 127.2 points. The increase in April was the first in a year.

The FAO Cereal Price Index fell 4.8% in May from the previous month, led by a 9.8% drop in world corn quotations due to a favourable production outlook and weak import demand. World wheat prices declined, by 3.5%, reflecting ample supplies and the new extension of the Black Sea Grain Initiative. In contrast, international prices of rice continued to increase in May, underpinned by Asian purchases and tighter supplies in some exporting countries, such as Viet Nam and Pakistan.

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Video: Agriculture Secretary Rollins Speaks at American Farm Bureau Federation Convention in Anaheim

One of the highlights at the 2026 American Farm Bureau Federation Convention in Anaheim, California, was an address by U.S. Secretary of Agriculture Brooke Rollins. During her remarks, she thanked America’s farmers and ranchers and said the Trump Administration is fully aware that food security is national security.

She also acknowledged the challenging times in Farm Country with low commodity prices and high input costs and said that’s why the President stepped in to help with the recent Bridge Assistance Program.

Montana Farm Bureau Federation Executive Vice President Scott Kulbeck says that Farm Bureau members are appreciative of the help and looks forward to working with the American Farm Bureau Federation and its presence in Washington, DC to keep farmers and ranchers in business.

Secretary Rollins said the Trump Administration is also committed to helping ranchers build back America’s cattle herd while also providing more high-quality U.S. beef at the meat case for consumers.

And she also announced more assistance for specialty crop producers who only received a fraction of the $12 billion Farmer Bridge Assistance (FBA).

It’s important to note that producers who qualify for Farmer Bridge Assistance can expect the Farm Service Agency to start issuing payments in late February. For more information, farmers and ranchers are encouraged to contact their local USDA Service Center.