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FEWS Monthly Price Watch Sees Price Increases for Maize, Soybeans, Wheat
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.
Grain Export Prices See Sharp Increase in July
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.
Global Food Prices Down, Still High
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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USDA April Crops Outlook Released
The USDA Economic Research Service (ERS) has released its monthly crops outlook. The reports track US and international production, stocks, and trade data for major commodities and agricultural goods. The April reports cite an anticipated reduction in US soybean acreage due to a surge in corn planting; Brazil and Argentina also saw reductions in their estimated soybean production due to drought. These reductions could bring global soybean export levels down by 4 percent.
Food Prices Nearly Unchanged from February
The FAO Food Price Index for March averages 216 points, virtually unchanged from February's FPI at 215 points. Cereal prices also rose only one point. Low maize inventories and a strong soybean market caused a slight increase in maize prices, but sufficient wheat supplies kept that commodity's prices stable. Overall, only oils/fats prices showed strong growth due to a tightening of the expected 2011/2012 supply and demand balance.
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