October 2022 Market Report

Global agri-commodity prices have mostly continued to decline, albeit October saw some trend reversals in several products. Most agri-product prices have continued their downward trend in October after peaking earlier in the year. The resolving of supply chain issues derived from the pandemic and declining demand as a result of a surplus in several products and bearish consumer sentiment due to inflation have driven the decline. Buyers of many products, with the psychological effect of inflation, continue to look for cheaper alternatives. End consumers are also looking for cheaper substitutes.