May 6, 2024

Global wheat and corn prices hit three-year lows, World Bank reports

A new report released by the World Bank revealed that global wheat and corn prices have reached their lowest levels in three years during the first quarter of 2024, Ukraine Business News reported.

This decline has seen global corn and wheat prices drop by 11% and 4% respectively compared to the previous quarter, and by 30% and 25% respectively compared to the first quarter of 2023.

The downward trend continued in March 2024, with US corn prices plummeting by 33% compared to March 2023, reaching $190.6 per tonne. Similarly, wheat prices fell by 25% to $274.3 per tonne during the same period. April witnessed further price decreases amid rising grain supplies and exports.

The surge in harvests across major grain-producing regions such as the US, the EU, and Russia has intensified competition in the global market. While Ukrainian grain exports have also contributed to price pressures, their impact remains relatively minor compared to the significant supplies from the United States. Corn production in the US is expected to surpass last year's figures by 12%, reaching a record 389.7 million tonnes.

-      Ukraine Business News