World cereal prices fell almost 5% in May, according to the FAO index
China
Published Jun 7, 2023
Original content
The FAO (Food and Agriculture Organization of the United Nations) Cereal Price Index stood at an average of 129.7 points in May, which represents a decrease of 4.8% compared to the previous month and 25.3% below the record value it reached a year ago. International wheat prices decreased by 3.5% from the previous month, as a result of the prospects of abundant supplies worldwide in the upcoming 2023/24 season and the extension of the Black Sea Grain Export Initiative . Regarding corn, they fell by 9.8% in May depressed by the favorable prospects for 2023/24, which point to a recovery in world supply, given the forecasts of increased production in Brazil and the United States, two of the main exporters. "The slow pace of US exports, coupled with the cancellation of purchases by China, also exerted downward pressure on world corn prices," the report details. Regarding other coarse grains, the prices of barley and sorghum also decreased —by 9.5% and 9.7%, respectively—, influenced by ...
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