December 26, 2024

FAO Cereal Price Index in November fell by 8% year-on-year

The FAO Cereal Price Index averaged 111.4 points in November, down 3.0 points (2.7%) from October and 9.6 points (8.0%) below its November 2023 value.

Global wheat prices declined month-on-month due to increased supplies from the ongoing harvests in the Southern Hemisphere and improved crop conditions for the 2025 harvests in some major Northern Hemisphere exporting countries. Weaker international demand also contributed to the softer price tone.

Global corn prices remained stable in November as a result of opposing factors. Downward pressure on prices stemmed from generally favorable weather in South America with the continuing sowing, weaker demand for Ukrainian supplies, and seasonal pressure from the ongoing harvest in the United States, while strong domestic demand in Brazil and Mexico's demand for US supplies provided upward support.

Among other coarse grains, global prices of barley and sorghum declined slightly in November.

- FAO