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The FAO Cereal Price Index averaged 122.8 points in December, up 1.8 points (1.5%) from November, but still 24.4 points (16.6%) below its December 2022 value.
After falling for four consecutive months, wheat export prices increased in December, supported by weather-related logistical disruptions in some major exporters and tensions in the Black Sea amidst solid demand.
World maize prices also strengthened in December, underpinned by concerns about Brazil’s second crop plantings, and logistical constraints hindering shipments from Ukraine. Among other coarse grains, world prices of barley increased, while sorghum prices decreased slightly.
In December, the FAO All Rice Price Index rose 1.6% above its November level. Indica quotations underpinned this increase, rising in response to purchases by some Asian buyers and reduced competition among exporters owing to India's export restrictions and tight availabilities in Vietnam. According to the rice index, international rice prices registered a 21% annual increase in 2023, largely owing to concerns about the impact of El Niño on rice production and in the aftermath of export restrictions imposed by India.
For the year as a whole, the FAO Cereal Price Index stood at 130.9 points in 2023, down 23.8 points (15.4%) from the 2022 record annual average, reflecting well supplied global markets.
January 5, 2024/ FAO.
https://www.fao.org
