The FAO Cereal Value Index averaged 113.8 factors in February, down 6.1 factors (5.0%) from January and as a lot as 32.9 factors (22.4%) under its February 2023 worth.

Worldwide costs of all main cereals declined month on month. Maize export costs dropped essentially the most as expectations of enormous harvests in Argentina and Brazil, together with aggressive costs provided by Ukraine wanting to benefit from the sleek working of the maritime commerce route, weighed available on the market. As regards wheat, the decline in worldwide costs was principally the results of decrease export quotations due a robust export tempo from the Russian Federation, which exerted downward stress on costs from different origins, specifically the European Union. Consistent with the softer tone in wheat and maize markets, world costs of barley and sorghum additionally eased. Worldwide rice costs edged down by 1.6% in February, as, other than Indonesian purchases, contemporary import demand remained broadly sluggish and new-crop harvests started in some suppliers.

March 8, 2024/ FAO.
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