From WATTAgNet:

The Food and Agriculture Organization (FAO) said global food prices fell in December after three months of stability.

The December Food Price Index averaged 188.6 points, a 1.7 percent drop from November. The decline was led by sugar and palm oil. For all of 2014, the Food Price Index averaged 202 points, down 3.7 percent from 2013, marking the third consecutive annual decline.

The Cereal Price Index averaged 183.9 points in December, up 0.4 percent from November as wheat prices rose due to worries that Russia may restrict exports. But the increase was capped by the stronger US dollar. Rice prices fell amid abundant export supplies.

The Vegetable Oil Price Index average declined by 2.4 percent to a five-year low of 161 points in December, due mainly to depressed demand for palm oil as a biodiesel feedstock.

The Dairy Price Index declined by 2.3 percent to 174 points, its lowest level since late 2009, as slowing imports by China and Russia left abundant export supplies for international markets. Price declines were greatest for milk powders, butter and cheese.

The Meat Price Index also declined in December, down 1.9 percent from the previous month, on a stronger U.S. dollar.