February 13, 2024
FAO Cereal Price Index in January dropped 2.2% from December 2023
The FAO Cereal Price Index averaged 120.1 points in January, down 2.7 points (2.2%) from December 2023 and as much as 27.4 points (18.6%) from its January 2023 value.
Global wheat export prices declined in the month, driven by continued strong competition among exporters and arrival of recently harvested supplies in the southern hemisphere countries.
Corn export prices fell sharply month-on-month, reflecting improved crop conditions and the start of the harvest in Argentina as well as larger supplies in the United States following an upward revision of its production estimates.
In tandem with wheat and corn prices, global prices of barley and sorghum also decreased in January.
By contrast, the FAO All Rice Price Index increased by a further 1.2% in January, largely reflecting a rise in prices of higher quality Indica rice due to a strong pace of Thai and Pakistani shipments and additional purchases by Indonesia.