The FAO Food Price Index declined for a second consecutive month, easing to 130.3 in June 2026 from 130.8 in May. Cereals led the decline, with prices falling 3.5%, as wheat dropped 4.4% amid rapid harvest progress and favorable supply prospects in the Black Sea region, outweighing concerns over crop conditions in the US and Australia. Sugar prices also fell 5.7%, as lower domestic ethanol prices in Brazil encouraged mills to divert more sugarcane toward sugar production. However, concerns about the potential impact of El Ni