World food prices continued to decline in July

Thus, prices for cereals decreased by 3% in comparison with June. But they remain 29.6% higher than in July last year. The biggest drop was in corn - by 6%. The harvest in Argentina was better than forecasted, and a good harvest is also expected in the United States. In addition, prices were affected by the cancellation of China's orders for the supply of old-crop corn. The decline in corn prices would have been greater had it not been for the delayed harvest in Brazil. At the same time, high domestic prices stimulate farmers to sell corn on the domestic market. Export prices for barley and sorghum in July decreased by 6.4% and 5.3%, respectively. The reason is low demand. But wheat rose in price by 1.8% to the highest level since mid-2014. A prolonged drought has already led to a decline in durum wheat yields in Canada and spring wheat in the United States. In Europe, the wheat crop was threatened, on the contrary, due to heavy rains. And in Russia, the first harvests were ...