The latest FEWS Net Monthly Price Watch was released yesterday. The report sees declines in the majority of international prices, with the exception of soybeans.

International rice prices remained stable or declined between August and September, with global production on track to surpass the record levels seen in 2011-2012. Prices fell in several regions due to favorable growing conditions, reduced export demand, and large carryover stocks. Global wheat export prices also declined considerably between April and September as a result of key growing conditions in the world's major exporters. Global wheat production in 2013-2014 is slated to reach near-record levels. Global maize prices declined on improved US production forecasts, and global maize stocks are expected to rise to their highest level in over a decade.

The exception this month is seen in soybean prices, which increased in September due to poor growing conditions in the US. However, soybean oil prices remained stable, and overall soybean production could still reach record levels globally based on increased production in South America and East Asia.

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