Soft Wheat

The USDA has released the latest World Agricultural Supply and Demand Estimate. This report provides comprehensive forecasts of supply and demand for major U.S. and global crops and livestock.

The latest FAO Food Price Index was released today, citing an increase of 12 points from June. While the Index averaged 213 points in July, it remains well below the peak levels reached in February 2011.

FEWS NET has released its latest Monthly Price Watch , citing continuing rising prices for many staple commodities. US maize prices rose by 20% in July due to the ongoing drought in the Midwest; drop losses in both the US and South America have contributed to increased prices for soybeans and soybean oil as well. International wheat prices also increased in June and July due to expected shortfalls in the European Union, Russia, and Kazakhstan.

According to a new update released by GIEWS, the export prices of some major grains have jumped in the past month. Compared to June levels, the export price of maize increased by 20 percent in the first three weeks of July; the benchmark US yellow maize reached a record high of USD 322 per tonne.

The international price of wheat has also risen sharply in July, increasing by 21 percent in the first three weeks. Despite this drastic increase, wheat prices still remain far below the record high seen in March 2008.

The FAO Global Food Price Index averaged 214 points in April, down 3 points from the previous month. Cereals prices aided this decline with a drop of nearly 2 percent from March and 16 percent from April 2011. Maize prices declined on solid production prospects, while wheat and rice prices also fell marginally. Soybean prices, on the other hand, surged on fears of tightening global supplies.

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