Rice, Maize, Wheat Prices Stable in December
The latest FEWS Net Monthly Price Watch was released this week, citing stable international maize, rice, and wheat prices in December. Maize prices were over 30 percent lower than their December 2012 levels; global maize stocks are expected to hit their highest levels in over a decade due to near-harvest records in the United States, high stocks in South America, and decreasing overall use estimates. World soybean and palm oil production are also expected to reach record levels in 2013-2014. Soybean prices in December were below their 2012 levels. Global prices for all commodities are expected to remain stable or continue decreasing in 2014.
On the other hand, country-level commodity prices are expected to vary considerably in early 2014 due to local and regional market conditions.