The FAO Cereal Worth Index averaged 113.8 issues in February, down 6.1 issues (5.0%) from January and up to 32.9 issues (22.4%) under its February 2023 worth.
World costs of all main cereals declined month on month. Maize export costs dropped essentially the most as expectancies of enormous harvests in Argentina and Brazil, in conjunction with aggressive costs presented by way of Ukraine desperate to profit from the sleek operating of the maritime business course, weighed in the marketplace. As regards wheat, the decline in global costs was once most commonly the results of decrease export quotations due a robust export tempo from the Russian Federation, which exerted downward power on costs from different origins, particularly the Ecu Union. In step with the softer tone in wheat and maize markets, international costs of barley and sorghum additionally eased. World rice costs edged down by way of 1.6% in February, as, apart from Indonesian purchases, recent import call for remained widely gradual and new-crop harvests started in some providers.
March 8, 2024/ FAO.
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