FAO: Cereal price index rises in November

The FAO Cereal Price Index reached an average of 105.5 points in November, an increase of 1.9 points (1.8%) from October, but still 5.9 points (5.3%) below the level recorded a year earlier. Despite a generally comfortable supply outlook and reports of good harvests in Argentina and Australia, global wheat prices rose by 2.5% in November, although from levels last seen in the first half of 2020. Wheat markets were driven by potential Chinese interest in supplies from the United States, concerns over the continuation of hostilities in the Black Sea region, and expectations of reduced planted areas in the Russian Federation. International corn prices also rose in November, supported by strong demand for Brazilian supplies and reports of fieldwork hampered by rains in Argentina and Brazil. World barley and sorghum prices also increased, with prices of all major grains influenced by ...