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The FAO Cereal Price Index averaged 111.3 points in December, relatively unchanged from November and 11.5 points (9.3%) below its year-earlier level.
Wheat export prices remained overall stable in December. Downward pressure from subdued international demand and higher seasonal availability from harvests in Argentina and Australia was balanced by upward pressure from poor winter crop conditions in the Russian Federation.
World maize prices edged upwards marginally, supported by an uptick in export sales and tighter supplies in the United States of America, along with strong demand for Ukrainian origins.
Among other coarse grains, world prices of barley increased, while those for sorghum decreased.
The FAO All Rice Price Index declined by 1.2% in December, reflecting falls in quotations of Indica and fragrant rice driven by a slowdown in demand.
For the year as a whole, the FAO Cereal Price Index averaged 113.5 points in 2024, down 17.4 points (13.3%) from the 2023 level, underpinned by lower wheat and coarse grain prices, and marking a second annual decline from the 2022 record level. The FAO All Rice Price Index averaged 133.1 points, up 0.8% from 2023 and representing a 16-year nominal high. Indica quotations underpinned this annual increase, as strong import demand from some countries in Asia and reduced competition among exporters kept them elevated during the first nine months of 2024.
January 3, 2025/ FAO.
https://www.fao.org
