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The FAO Cereal Price Index averaged 126.3 points in September, up 1.3 points (1.0%) from August but standing 21.6 points (14.6%) below its value a year ago. This month’s increase was led by a 5.3% increase in international coarse grain prices. After seven months of consecutive declines, international maize prices increased by 7.0% in September, driven by a confluence of factors, including strong demand for Brazil’s supplies, slower farmer selling in Argentina and increased barge freight rates due to low water levels on the Mississippi River in the United States of America. Among other coarse grains, world sorghum prices also firmed in September, in line with maize price trends, while barley prices remained essentially stable. By contrast, international wheat prices continued to drop, falling by 1.6% month-on-month, underpinned by ample supplies in the Russian Federation, where production prospects were lifted in September. The FAO All Rice Price Index edged slightly down by 0.5% month-on-month in September, while remaining as much as 27.8% above its year-earlier value. The slight decline in September was driven by generally low import demand, although price falls tended to be capped by lingering uncertainties regarding India's rice export restrictions and progressively thinning supplies ahead of new-crop harvests in Asia.
October 6, 2023/ FAO.
https://www.fao.org
