November 14, 2023

Drop in global wheat prices in October

International wheat prices fell while coarse grain prices firmed marginally, according to the FAO Cereal Price Index in October.

The index averaged 125.0 points last month, down 1.3 points (1.0%) from September and as much as 27.3 points (17.9%) from its value a year ago.

International wheat prices dropped by 1.9% in October, reflecting generally higher-than-earlier-anticipated supplies in the United States and strong competition among exporters.

By contrast, international prices of coarse grains firmed marginally, increasing by 0.6% month-on-month. Thinning corn supplies in Argentina placed upward pressure on global corn prices, but this was capped by higher seasonal supplies in the US — where the harvest progressed — and strong export competition from Brazil.

Among other coarse grains, global sorghum prices rose in October, while barley prices fell.

International rice prices dropped by 2.0% month-on-month in October, weighed by generally passive global import demand.

- FAO