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FAO Cereal Price Index averaged 125.0 points in August, down 0.9 points (0.7%) from July and standing 20.6 points (14.1%) below its value a year ago.
International wheat prices fell by 3.8%, mostly reflecting higher seasonal availability from ongoing harvests in several leading exporters in the northern hemisphere. International coarse grain prices also declined in August by 3.4%. Maize prices fell for the seventh consecutive month, hitting their lowest value since September 2020, underpinned by ample global supplies from a record harvest in Brazil and the start of the harvest in the United States of America. Among other coarse grains, world prices of sorghum declined in August, pressured by the start of the harvest in the United States of America, the world’s largest sorghum exporter, while world barley prices firmed slightly.
By contrast, the FAO All Rice Price Index in August rose by 9.8% month-on-month to reach a 15-year nominal high, reflecting trade disruptions registered in the aftermath of India's July ban on Indica white rice exports. Against a backdrop of seasonally tight availabilities ahead of new-crop harvests, uncertainty over the ban’s duration and concerns that export restrictions would be extended to other rice types caused supply-chain actors to hold on to stocks, re-negotiate contracts or stop making price offers, thereby limiting most trade to small volumes or to previously concluded sales.
September 8, 2023/ FAO.
https://www.fao.org
