March 14, 2024

FAO Cereal Price Index for February dropped 5% from January

The FAO Cereal Price Index averaged 113.8 points in February, down 6.1 points (5.0%) from January and as much as 32.9 points (22.4%) below its February 2023 value.

International prices of all major cereals declined month on month. Corn export prices dropped the most as expectations of large harvests in Argentina and Brazil, along with competitive prices offered by Ukraine eager to take advantage of the smooth running of the maritime trade route, weighed on the market.

As for wheat, the decline in international prices was mostly the result of lower export quotations due a strong export pace from Russia, which exerted downward pressure on prices from other origins, in particular, the European Union.

In line with the softer tone in wheat and corn markets, global prices of barley and sorghum also eased. International rice prices edged down by 1.6% in February, as, aside from Indonesian purchases, fresh import demand remained broadly slow and new-crop harvests began in some suppliers.

- FAO