February 2023 Market Report

Food prices continued their downward trend in January, reaching their lowest point since September 2021. Agri input prices continued to fall mainly as a reflection of lower demand. This trend continued in February. Meanwhile, the US dollar regained some strength after having fallen to multi-month lows in January. Both of these factors are mostly bearish for agri prices. However, while agri product prices, in general, have mostly fallen from their peaks in mid-2022, some products are making a comeback. Beef, Atlantic salmon, coffee, and almond prices are on the rise mainly on firm demand. Other products such as onions, olive oil, and watermelons have shown sharp increases in the past months on the back of unfavorable weather, which remains one of the most considerable upward risks for most agricultural products.