The latest GIEWS Global Food Price Monitor, released on Monday, cites slight declines in export prices for international wheat and maize in January. The benchmark US wheat price dropped 3 percent from December, largely on lower US exports and large supplies of wheat feed on the international market. Wheat's decline was somewhat limited, however, by continued drought conditions in the US and a weakening dollar. According to the report, domestic wheat prices in both importing and exporting countries remains high. Maize prices dropped 2 percent from December on weaker trade and expectations of a large South American harvest. However, maize prices saw a slight rebound at the end of the month based on concerns about dry weather in Argentina.

Rice prices varied in January. While the FAO Rice Price Index remained unchanged, prices for the benchmark Thai white 100% B rice variety rose 2 percent. Other varieties fell (Japonica) or rose marginally (Indica and aromatic).

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