FAO: World cereal prices fell again in August

Published Sep 14, 2024

Tridge summary

In August, world cereal prices fell by 0.5% from the previous month and were 11.9% lower than the same month last year, as reported by the FAO Food Price Index. The decline in wheat prices was due to weak international demand, strong exporter competition, and higher-than-expected production in Argentina and the US. Conversely, maize prices slightly increased due to heat wave concerns in the EU and US. Barley prices dropped, sorghum prices rose, and the all-rice price index went up by 0.6%. The overall FAO Food Price Index was 120.7 points, with decreases in sugar, meat, and cereal prices balanced by rises in vegetable oils and dairy products.

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Original content

World cereal prices declined 0.5 percent in August from the previous month and 11.9 percent below the level recorded in the same month last year, according to the Food Price Index compiled by the Food and Agriculture Organization of the United Nations (FAO). World export wheat prices declined from the previous month due to weak international demand and strong competition among exporters, particularly with regard to competitively priced supplies from the Black Sea. Higher-than-expected wheat production levels in Argentina and the United States also contributed to the softer price tone. World maize prices, by contrast, increased slightly due mainly to concerns about the impact of heat waves on yields in the European Union and parts of the United States. Among other coarse grains, world barley prices declined while sorghum prices increased. FAO's all-rice price index rose 0.6 percent in August. FAO World ...

Source: Agropopular