World prices for wheat grain have decreased due to high supply volumes from Russia. The Food and Agriculture Organization of the United Nations (FAO) reports that average prices for all major grains have fallen on world markets. It is noted that the price of grain fell by more than 20% over the year, and by 5% over the month, the APK News agency reports.
“The FAO Cereal Price Index averaged 113.8 points in February, down 6.1 points (5%) from January and a full 32.9 points (22.4%) below February 2023. Compared to last month, global prices for all major grain crops declined,” FAO said in its monthly report.
Global export prices for corn fell the most, with downward pressure on the market from expectations of a bountiful harvest in Argentina and Brazil and competitive prices for products from Ukraine, which is seeking to take advantage of opportunities associated with the smooth functioning of the maritime trade route.
World wheat prices also decreased, primarily due to a reduction in export quotations against the backdrop of high rates of supply from the Russian Federation, which put downward pressure on wheat prices from other countries, in particular from the countries of the European Union.
Similar to wheat and corn prices, world prices for barley and sorghum also declined slightly.
Global rice prices fell marginally in February, down 1.6%, as import demand, excluding Indonesian purchases, remained weak while new harvests began in some supplying countries.