Global: Grain price index falls in November

Published 2024년 12월 18일

Tridge summary

The FAO Cereal Price Index experienced a decrease of 2.7% in November, reaching 111.4 points, and was 8.0% lower than its baseline value in November 2023. This decline was primarily due to a decrease in global wheat prices, caused by an increase in supply from the Southern Hemisphere harvests and promising conditions for the 2025 Northern Hemisphere harvests, alongside weaker international demand. Despite this, world corn prices remained stable due to a balance of factors, including favorable weather in South America, reduced demand for Ukrainian supplies, and strong domestic demand in Brazil and Mexico. Additionally, the FAO Rice Price Index also fell by 4.0%, driven by factors such as increased market competition, harvest pressure, and currency devaluations against the US dollar.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The FAO Cereal Price Index averaged 111.4 points in November, down 3.0 points (2.7%) compared to October and 9.6 points (8.0%) below its baseline value. November 2023. Global wheat prices decreased from the previous month due to increased supply from ongoing harvests in the Southern Hemisphere and improving conditions for the 2025 harvests in some key exporting countries in the Northern Hemisphere. Weaker international demand also contributed to the softer tone in prices. World corn prices remained stable in November as a result of opposing factors. The downward pressure on prices resulted from generally favorable weather in South America with continued sowing, weaker demand for Ukrainian supplies and ongoing seasonal harvest pressure in the United States of America, while strong domestic demand in the Brazil and Mexico's demand for US supplies provided upside support. Among other secondary cereals, ...

Source: 3tres3