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The FAO Cereal Price Index averaged 114.4 points in October, up 0.9 points (0.8%) from September but still 10.3 points (8.3%) below its October 2023 value.
Global wheat prices increased for the second consecutive month, mostly reflecting concerns over unfavourable weather conditions affecting winter crop sowing in several major northern hemisphere exporters, including the European Union, the Russian Federation and the United States of America. Additionally, the re-introduction of an unofficial price floor in the Russian Federation and rising tensions in the Black Sea region exerted upward pressure on prices.
World maize prices continued their upward trend in October, driven partly by strong domestic demand in Brazil and transport challenges in some parts of the country due to low river levels. Dry conditions impeding planting in Argentina and steady demand for Ukrainian maize also contributed to the firmer tone.
Among other coarse grains, world prices of barley rose, while those of sorghum declined.
The FAO All Rice Price Index declined by 5.6% in October, reflecting lower quotations for Indica rice driven by expectations of increased competition among exporters following India’s removal of export restrictions on non-broken rice.
November 8, 2024/ FAO.
https://www.fao.org
