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The latest edition of the GIEWS Global Food Price Monitor reports that international cereals export prices remained stable in October. While wheat prices experienced some upward pressure due to trends in Australia and Ukraine, this was offset by favorable planting conditions for US winter wheat. Similarly, rice prices remained stable, falling only 1 percent from September. Maize prices also fell marginally based on slowing trade activity and progress of the US harvest.
In its latest Monthly Food Price Watch, FEWS NET reports that global rice production for 2012/2013 is expected to be the highest on record. Global soybean production prospects also improved with a 10 percent increase for 2012/2013; however, strong global demand is expected to keep soybean and soybean oil prices high. While global wheat prices remain high, production is only expected to decline by six percent. However, trade policies in key wheat exporting countries could exert further pressure on prices.
FEWS NET has released its April Food Price Watch, citing stable prices throughout much of Africa and Central America. The Sahel region saw relatively stable cereals prices due to food assistance interventions and successful transport from surplus areas. In East Africa, staple prices remained generally stable, though high; some areas in this region saw seasonal increases.
Read the full report.
Read the Annex.
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.
FAO has released the latest global Food Price Index, citing a 1% increase in food prices in February. Despite this increase, the Food Price Index for February remains 10% below its peak in February 2011.