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The FAO Cereal Price Index averaged 120.1 points in January, down 2.7 points (2.2%) from December and as much as 27.4 points (18.6%) from its January 2023 value.
Global wheat export prices declined in January, driven by continued strong competition among exporters and arrival of recently harvested supplies in the southern hemisphere countries.
Maize export prices fell sharply month-on-month, reflecting improved crop conditions and the start of the harvest in Argentina as well as larger supplies in the United States of America following an upward revision of its production estimates.
In tandem with wheat and maize prices, world prices of barley and sorghum also decreased in January.
By contrast, the FAO All Rice Price Index increased by a further 1.2% in January, largely reflecting a rise in prices of higher quality Indica rice due to a strong pace of Thai and Pakistani shipments and additional purchases by Indonesia.
February 2, 2024/ FAO.
https://www.fao.org
