The FAO Cereal Price Index averaged 138.6 points in March, down 8.2 points (5.6%) from February and 31.6 points (18.6%) below its one year ago. This month's decrease reflects a fall in international prices of all major cereals. International wheat prices fell the most, by 7.1%, driven by ample global supplies and strong competition among exporters. The extension of the Black Sea Grain Initiative, allowing Ukraine to continue to export from its Black Sea ports, also contributed to the decline. Higher estimates for Australia's production, along with improved crop conditions in the European Union this month, boosted the global supply outlook further. Strong competition from the Russian Federation, where high supplies continue to support competitive prices, also sustained the downward pressure on markets. World maize prices also fell, by 4.6% in March, pressured by seasonal availability from harvests in South America, expectations of a record output in Brazil, and the extension of the Black Sea Grain Initiative.
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Among other coarse grains, world prices of barley and sorghum declined by 6.7% and 5.7%, respectively, influenced by spillover from weakness in international maize and wheat markets. International rice prices eased by 3.2% in March, weighed by ongoing or imminent harvests in major ...
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