Global export prices of all major cereals rose in May

Published 2024년 6월 11일

Tridge summary

The FAO Cereal Price Index experienced a 6.3% increase in May from April, reaching 118.7 points, but remained 8.2% lower than the previous year. This surge was largely due to concerns about potential crop issues for the 2024 harvest, including damage in Europe, Northern America, and the Black Sea region, as well as damage to Black Sea shipping infrastructure. Wheat prices led the increase, followed by maize due to production challenges in Argentina, Brazil, and limited seller activity in Ukraine. Other coarse grains, such as barley and sorghum, also saw price increases. The FAO All Rice Price Index also rose by 1.3% in May, driven by higher Indica quotations.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The FAO Cereal Price Index averaged 118.7 points in May, up 6.3% from April but still 8.2% below its May 2023 value. Global export prices of all major cereals rose month-on-month, with wheat prices increasing the most. The sharp monthly rise was largely due to growing concerns about unfavorable crop conditions for the 2024 harvests, possibly constraining yields in some main producing areas of several major exporting countries, including in parts of Europe, Northern America, and the Black Sea region. Additionally, damage to the Black Sea shipping infrastructure exacerbated the upward pressure on prices. Maize export prices also increased in May, reflecting production concerns in both Argentina (due to crop damage from the spread of Spiroplasma disease) and Brazil (due to unfavourable weather), along with limited farmer selling activity in Ukraine amidst seasonally tightening supplies and a strong global demand. Spillover effects from the wheat ...

Source: Pig 333