World cereal prices fell 5% in February, according to FAO index

Published 2024년 3월 11일

Tridge summary

The United Nations' food price index reported a 5% decrease in world cereal prices in February compared to January, although they were still 22.49% higher than February of the previous year. The drop was due to anticipated large harvests in Argentina and Brazil, competitive pricing from Ukraine, and an increase in Russian wheat exports. Despite this, the overall food price index fell by 0.7% in February, as the decline in cereals and vegetable oils balanced out price increases in sugar, meat, and dairy products.

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Original content

World cereal prices decreased by 5% in February compared to the previous month and 22.49% above the level recorded in the same month last year, according to the food price index prepared by the United Nations. United Nations for Food and Agriculture (FAO). Specifically, it stood at an average of 113.8 points in February Compared to January, international prices of all the main cereals decreased. Specifically, corn prices for export fell the most, “since the expectations of abundant harvests in Argentina and Brazil, together with the competitive prices offered by Ukraine, in its eagerness to take advantage of the good functioning of the trade route maritime, influenced the market,” explains the FAO. As for wheat, the decline in international prices was mainly due to the decline in export prices as a result of the intense pace of Russian exports, which put downward pressure on prices from other origins, in particular of the European Union. Likewise, the FAO states that world prices ...

Source: Agropopular