What's New

The latest GIEWS Global Food Price Monitor, released on Monday, cites slight declines in export prices for international wheat and maize in January. The benchmark US wheat price dropped 3 percent from December, largely on lower US exports and large supplies of wheat feed on the international market. Wheat's decline was somewhat limited, however, by continued drought conditions in the US and a weakening dollar. According to the report, domestic wheat prices in both importing and exporting countries remains high.

Cross-posted from University of Bonn's Center for Development Research

Summary of the international expert consultation organized by the Center for Development Research (ZEF) and International Food Policy Research Institute (IFPRI) held at ZEF in Bonn, Germany on January 31 and February 1, 2013.

By Joachim von Braun (ZEF) and Maximo Torero (IFPRI)

After a volatile few months following the US drought, global food prices stabilized in January, according to the FAO's latest edition of the Food Price Index. The Index averaged 210 points in January, unchanged from a revised December average.

The newest edition of the FEWS Net Monthly Price Watch was released last week, citing continuing high international maize and wheat prices. While maize prices saw drastic spikes in June and July 2012 due to drought conditions in the US, they leveled off, although at high levels, later in the year as more information regarding US crop conditions and global supplies became available. Wheat prices, on the other hand, rose steadily between May and November before leveling out in December.

On January 22, the FAO launched the 2012 edition of its annual report, “The State of Food and Agriculture (SOFA) 2012: Investing in Agriculture for a Better Future", in the US. The launch event was hosted by IFPRI, FAO, and the Partnership to Cut Hunger and Poverty in Africa and featured speakers from all three institutions.