World wheat prices are rising for the second month in a row

Published 2024년 11월 12일

Tridge summary

The FAO Cereal Price Index experienced a slight increase in October, reaching 114.4 points, a 0.8 percent rise from September, but still 8.3 percent lower than the previous year. This increase was primarily due to a rise in wheat and corn prices. Wheat prices went up due to concerns over potential adverse weather affecting winter crops in the EU, Russia, and the US, as well as transportation issues in Brazil. Corn prices were driven by demand in Brazil and issues with river levels impacting transport. However, the All-Rice Price Index saw a 5.6 percent decrease in October, largely due to a drop in quotations for Indian rice varieties. The FAO also forecasts a record decline in fodder grain production.

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Original content

The FAO Cereal Price Index averaged 114.4 points in October, up 0.9 points (0.8 percent) from September, but still 10.3 points (8.3 percent) below the October 2023 level year year This is stated in the FAO report. World wheat prices continued to rise for the second month in a row, driven by fears of adverse weather conditions for winter crops in a number of major exporting countries of the Northern Hemisphere, including the European Union, the Russian Federation and the United States of America. In addition, the re-establishment of unofficial minimum prices in the Russian Federation and increasing tensions in the Black Sea region contribute to the increase in prices. World corn prices continued to rise in October, driven in part by high demand in the Brazilian market and transport problems in some parts of that country due to falling river levels. The formation of dry conditions, which complicate the sowing campaign in Argentina, and the maintenance of demand for Ukrainian corn ...

Source: Agrotimes