December 18, 2023

FAO Cereal Price Index recorded 19.4% year-on-year drop for November

The FAO Cereal Price Index averaged 121.0 points in November, down 3.7 points (3.0%) from October and as much as 29.1 points (19.4%) from its value a year ago.

International prices of coarse grains fell the most, dropping by 5.6% month-on-month. The decline was dominated by a sharp fall in global corn prices, underpinned by an increase in farmers' selling activity in Argentina and a downward pressure from seasonally higher supplies in the United States, where the production estimate was revised upwards.

Among other coarse grains, global prices of barley fell, while sorghum prices firmed slightly.

Global wheat prices declined by 2.4% in November, mainly driven by increased seasonal supplies in Argentina and Australia, with the progress in the harvests and the continued strong competition from Russia.

Meanwhile, the FAO All Rice Price Index remained stable month-on-month in November amid contrasting price movements across origins and market segments.

- FAO