October 18, 2024

FAO Cereal Price Index in September down 10.2% year-on-year

The FAO Cereal Price Index averaged 113.5 points in September, up 3.3 points (3.0%) from August but still 12.8 points (10.2%) below its September 2023 value.

After declining for three consecutive months, global wheat prices increased in September, largely due to concerns over unfavourable weather conditions in some key exporters. Excessively wet conditions in Canada and the European Union caused harvest delays in the former and led to a sizeable cut to the production forecast for the latter.

However, competitively-priced supplies from the Black Sea region capped the increase in prices.

Global corn prices also increased month-on-month, driven by low water levels on the Madeira River in Brazil and the Mississippi River in the United States, along with strong domestic demand in Brazil and a solid export pace in Argentina.

Among other coarse grains, global prices of barley firmed while those of sorghum dropped.

- FAO