FAO: Cereal Price Index rises slightly in January

The FAO Cereal Price Index reached an average of 107.5 points in January, a marginal increase of 0.2 points (0.2%) from December, but still 4.4 points (3.9%) below the level of a year earlier. World wheat prices remained largely stable in January, with a fall of only 0.4% from December. The upward pressure resulting from strong export sales from Australia and Canada, along with climatic concerns affecting dormant crops in the Russian Federation and the United States of America, was offset by a generally comfortable global supply situation. Expectations of good harvests in Argentina and Australia, along with high global stock levels, continued to exert downward pressure on prices. International maize prices also continued their downward trend, falling 0.2% from December. Although climatic concerns related to sowing conditions in Argentina and Brazil, combined with strong ethanol demand in the United States, offered some support to prices, they did not offset the generally ...