The FAO sugar sub-index surged 7.5% month-on-month in May 2026. Czarnikow has revised the 2026/27 global balance from a +1.4 million tonne surplus to a 100,000 tonne deficit as production shortfalls in India and Thailand harden.
GDT Event 405 saw AMF surge 5.3% to USD 6,668/MT while WMP fell 2.2% and SMP dropped 3.0% — the third consecutive auction showing fat outperforming protein, signalling a structural split in the dairy commodity market.
The headline benchmark looked calm in May, yet the cereal sub-index rose again — the divergence, not the average, is the signal. Wheat prices rose for a fourth consecutive month as harvests contract in major exporters.
Meat Index hits fresh record high as bovine herd rebuilding meets Strait of Hormuz cost transmission. April's 1.6% FFPI increase marks the highest reading since February 2023.
European cocoa grindings fell 7.8% year-on-year in Q1 2026 to 325,852 tonnes, the weakest Q1 print in over a decade according to data released by the European Cocoa Association on 16 April 2026. The decline came in at the weaker end of the -3% to -7%