Commodity

Global food prices are becoming less volatile compared to recent years, according to a new FAO report. The November 2013 Food Outlook credits the more balanced markets to the recovery of global cereal inventories. 2013 has seen a significant increase in cereal production, largely based on increased maize crops in the US and record wheat crops in CIS countries.

Highlights for other crops include:

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.

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.

The latest USDA World Agricultural Supply and Demand Estimate (WASDE) report was released today. The WASDE report provides monthly comprehensive forecasts of supply and demand for major U.S. and global crops, supplied by the USDA. Crops covered include wheat, coarse grains, rice, and oilseeds. This report can explain past and current global commodities trends, as well as predict trends for the coming year. This month's report cites higher global wheat supplies and record wheat production for 2013-2014.

The latest FAO Food Price Index, released last week, fell nearly four points from July and nearly 11 points from August 2012. This was the fourth consecutive month in which global food prices dropped.

The Cereals Price Index declined by 16.4 points from July, and fell a whopping 49.4 points from August of last year. Strong growth in global cereal production, along with a significant recovery of global maize supplies, is behind this substantial drop. The Oils/Fats Price Index also fell by 5.7 points from July, the third consecutive drop.