In March, the FAO cereal price index averaged 110.8 points, declining by 3.0 points (2.6%) from February and by 27.7 points (20.0%) compared to March 2023.

Global wheat export prices declined for the third consecutive month in March, primarily due to strong export competition between the European Union, the Russian Federation, and the United States of America.

Amid ample supplies, canceled purchases of wheat by China (both from Australia and the United States) exerted downward pressure on markets, while favorable crop prospects for the 2024 harvest in the Russian Federation and the United States also contributed to price reductions per ton. Conversely, corn export prices edged up marginally month-on-month.

Increased buying interest, particularly from China, amidst logistical challenges in Ukraine and elsewhere, provided some support to corn prices, but this was countered by seasonal pressure in Argentina and Brazil, where crops are underway.

For other coarse grains, global barley prices declined, while sorghum prices increased in March. The FAO index for overall rice prices decreased by 1.7% in March, largely reflecting reduced import demand globally. (Photo: Dreamstime)