The FAO Cereal Price Index averaged 147.3 points in February, down slightly (0.1%) from January and 2.0 points (1.4%) over a year ago. After three consecutive months of decline, world wheat prices increased slightly (by 0.3%) in February. The somewhat firmer trend primarily reflected continuing concerns about drought conditions in important red durum winter wheat producing areas in the US and strong demand for supplies from Australia. At the same time, strong competition among exporters has helped to limit price increases. World maize prices were little changed, recording a monthly increase of just 0.1%. This was due to worsening conditions in Argentina and delays in planting the second corn crop, together with a strong export pace in Brazil, while low demand for supplies from the United States of America drove down export prices from the corn. By contrast, world prices for sorghum, among other secondary cereals, trended slightly downwards (by 0.2%) and barley prices declined ...
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