World cereal prices down in October

International prices of all major cereals declined month on month.

While wheat, maize, barley, and sorghum prices fell in January, rice prices increased.

While for the year as a whole, the FAO Cereal Price Index was down 15% from the 2022 record annual average, international rice prices were up 21% annually.

International prices of coarse grains fell the most, dominated by a sharp fall in world maize prices.

FAO's annual data compilation offers insights into the current global trends in primary crops.

Oilseed crushing in China was a record in the 2022/23 marketing year at 133 Mt. Added to this is a large recovery in oil imports of up to 12.69 Mt and continued growth in meal demand.

Historic drought impacts soybean production, crushing reaches 18-year lows, leaving Argentina dependent on imports.

Widespread drought and heat stress impacted overall cereal production levels.

This month’s increase was led by a 5.3% increase in international coarse grain prices.

Maize prices hit their lowest value since September 2020.

International maize prices saw a fifth consecutive monthly decline.