FAO: Reduced harvest expectations in several major exporting countries pushed up world wheat prices

FAO: Reduced harvest expectations in several major exporting countries pushed up world wheat prices
# 06 September 2021 12:49 (UTC +04:00)

Cereal Price Index of Food and Agriculture Organization of the United Nations (FAO) averaged 129.8 points in August, up 4.3 points (3.4 percent) from July and 30.8 points (31.1 percent) above its August 2020 level, APA-Economics reports citing FAO monthly report.

Reduced harvest expectations in several major exporting countries pushed up world wheat prices by 11.1 points (8.8 percent) month-on-month, to 41.5 points (43.5 percent) above their level of one year ago.

Among other cereals, price trends were mixed in August. Lower barley production outlooks, especially in Canada and the United States of America, and spillover from rising wheat prices pushed up international barley values by 10.9 points (9.0 percent) since July, to 34.7 points (35.6 percent) above their levels of one year ago. By contrast, maize prices registered a slight decline of 1.3 points (0.9 percent).

Improved production prospects in Argentina, the EU, and Ukraine moderated the effects of lowered production forecasts in Brazil and the United States of America. International sorghum quotations also fell in August, by 3.9 points (2.5 percent), though still up 45.5 points (43.3 percent) from the same period last year.

Meanwhile, international rice prices remained on a downward trajectory in August, influenced by efforts to promote foreign sales as well as currency movements.

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Agrarian Industry

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