September 16, 2024

FAO Cereal Price Index fell by 11.9% in August year-on-year

The FAO Cereal Price Index averaged 110.1 points in August, down 0.6 points (0.5%) from July and 14.9 points (11.9%) from its August 2023 value.

Global wheat export prices fell month-on-month, reflecting a sluggish international demand and strong competition among exporters, especially from competitively priced Black Sea supplies. Higher-than-previously-expected wheat production in Argentina and the United States also contributed to the softer price tone.

By contrast, global corn prices firmed slightly, mostly underpinned by concerns over the impact of heatwaves on yields in the European Union and parts of the US. Tighter domestic supplies in Ukraine, with a downward revision to the country's production forecast, also provided support.

Among other coarse grains, global prices of barley fell while those of sorghum increased.

- FAO