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The FAO Cereal Price Index averaged 113.5 points in September, up 3.3 points (3.0%) from August but still 12.8 points (10.2%) below its September 2023 value.
After declining for three consecutive months, global wheat prices increased in September, largely due to concerns over unfavourable weather conditions in some key exporters. Excessively wet conditions in Canada and the European Union caused harvest delays in the former and led to a sizeable cut to the production forecast for the latter. However, competitively-priced supplies from the Black Sea region capped the increase in prices.
World maize prices also increased month-on-month, driven by low water levels on the Madeira River in Brazil and the Mississippi River in the United States of America, along with strong domestic demand in Brazil and a solid export pace in Argentina. Among other coarse grains, world prices of barley firmed while those of sorghum dropped.
The FAO All Rice Price Index declined by 0.7 percent in September, reflecting generally quiet trading activities and lower Indian basmati quotations, driven by the arrival of freshly-harvested supplies and the Indian Government's removal of the floor price used for basmati export registration.
October 4, 2024/ FAO.
https://www.fao.org
