World cereal prices fell almost 5% in May, according to the FAO index

Published 2023년 6월 6일

Tridge summary

The FAO Cereal Price Index in May decreased by 4.8% from the previous month and 25.3% from the record value of the previous year, due to prospects of abundant supplies and the extension of the Black Sea Grain Export Initiative. International wheat prices decreased by 3.5%, and corn prices decreased by 9.8% due to favorable prospects for the 2023/24 season. However, rice prices continued to increase due to fulfillment of previous agreements with Asian buyers and reduced supplies in some exporting countries. The FAO Food Price Index also decreased by 2.6% in May, primarily due to falls in the price indices for vegetable oils, cereals, and dairy products.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The FAO (Food and Agriculture Organization of the United Nations) Cereal Price Index stood at an average of 129.7 points in May, which represents a decrease of 4.8% compared to the previous month and 25.3% below the record value it reached a year ago. International wheat prices decreased by 3.5% from the previous month, as a result of the prospects of abundant supplies worldwide in the upcoming 2023/24 season and the extension of the Black Sea Grain Export Initiative . Regarding corn, they fell by 9.8% in May depressed by the favorable prospects for 2023/24, which point to a recovery in world supply, given the forecasts of increased production in Brazil and the United States, two of the main exporters. "The slow pace of US exports, coupled with the cancellation of purchases by China, also exerted downward pressure on world corn prices," the report details. Regarding other coarse grains, the prices of barley and sorghum also decreased —by 9.5% and 9.7%, respectively—, influenced by ...
Source: Agropopular

Would you like more in-depth insights?

Gain access to detailed market analysis tailored to your business needs.
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.