FEWS Net Monthly Price Watch Sees Declining Maize, Wheat Prices
The latest FEWS Net Monthly Price Watch was released today, reporting considerable declines in the price of wheat and maize in the past few months. Between June and August, monthly average international maize prices dropped significantly due to improved harvest prospects in the United States; current harvest prospects suggest that prices may drop even further in the coming months. Global maize stocks are also projected to rise to their highest levels in nearly a decade.
Wheat export prices have also dropped considerably between April and August thanks to favorable production prospects in many key exporting countries. Global wheat production is also expected to reach near-record levels, and total end-season stocks are expected to rise from last year. Global wheat prices are expected to continue to drop in the coming months, due in large part to expanded Black Sea output.
Soybean and rice prices have generally remained stable in recent months. Soybeans have seen both expanded production and record high sales in many exporting countries.