November 19, 2024

FAO Cereal Price Index in October lower by 8.3% year-on-year

The FAO Cereal Price Index averaged 114.4 points in October, up 0.9 points (0.8%) from September but still 10.3 points (8.3%) below its October 2023 value.

Global wheat prices increased for the second consecutive month, mostly reflecting concerns over unfavourable weather conditions affecting winter crop sowing in several major northern hemisphere exporters, including the European Union, Russia, and the United States.

Additionally, the reintroduction of an unofficial price floor in Russia and rising tensions in the Black Sea region exerted upward pressure on prices.

Global corn prices continued their upward trend in October, driven partly by strong domestic demand in Brazil and transport challenges in some parts of the country due to low river levels. Dry conditions impeding planting in Argentina and steady demand for Ukrainian corn also contributed to the firmer tone.

Among other coarse grains, global prices of barley rose, while those of sorghum declined.

- FAO