FAO: Global cereal price index fell 5% in February

Maize (Corn)

Ukraine

Rice

Published Mar 14, 2024

Tridge summary

In February 2024, the FAO Cereal Price Index saw a 5.0% decrease from the previous month and a 22.4% decrease from February 2023. This was attributed to a drop in international prices for all major cereals. Corn export prices experienced the most significant fall due to expected large harvests in Argentina and Brazil, and competitive prices from Ukraine. Wheat prices also declined due to robust exports from the Russian Federation, which led to a decrease in prices from other sources, especially the European Union. Prices for global barley, sorghum, and rice also saw a decline.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The FAO Cereal Price Index averaged 113.8 points in February, which represents a reduction of 6.1 points (5.0%) compared to January and 32.9 points (22.4%) %) in relation to February 2023. International prices for all major cereals decreased compared to January. Corn export prices fell the most, as expectations of large harvests in Argentina and Brazil, together with competitive prices offered by Ukraine, eager to take advantage of the well-functioning maritime trade route, weighed on the market . With regard to wheat, the fall in international prices resulted mainly from the reduction in export prices due to the strong pace of exports from the Russian Federation, which exerted downward pressure on prices from other sources, particularly from the European Union. In line with the softer tone in the wheat and corn markets, ...

Source: 3tres3