The FAO Cereal Price Index averaged 129.7 points in May, down 6.5 points (4.8%) from April and as much as 43.9 points (25.3%) below its record-high value one year ago. International wheat prices declined by 3.5% month-on-month, reflecting prospects for ample global supplies in the upcoming 2023/24 season and the extension of the Black Sea Grain Initiative. World maize prices fell by 9.8% in May. A favorable outlook for 2023/24 pointing to a rebound in global supplies, with higher production expected in Brazil and the United States of America, two major exporters, weighed on prices. A slow pace of exports by the United States of America, along with canceled purchases by China, also exerted downward pressure on world maize prices. Among other coarse grains, world prices of barley and sorghum also declined, by 9.5% and 9.7%, respectively, ...
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