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.