The FAO Cereal Price Index recorded an average value of 111.2 points in April. It increased by 0.3% compared to the month of March, but showed a drop of 18.3% compared to its value in April 2023. After three consecutive months of decline, the average world prices of wheat for export stabilized in April.
Upward pressure on prices, due to concerns about the impact of unfavorable growing conditions on 2024 harvests in parts of the European Union, the Russian Federation and the United States of America, has been offset by the tough competition that persists between the main exporting countries.
On the other hand, corn export prices increased in April, mainly driven by strong import demand, in a context of growing logistical difficulties due to damage to infrastructure in Ukraine, and the Darkening production prospects in Brazil before the start of the main harvest.
Among other coarse grains, world prices of barley also rose in April, while those of sorghum declined. The FAO price index for all types of rice fell 1.8%, mainly due to a decline in Indica prices.
Source: AOF
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