FPMA Bulletin #4, 10 May 2016

FAO;

FPMA Bulletin #4, 10 May 2016

Year of publication 2016

Place of publication Rome, Italy ;

Pages 20 p.

Author FAO;

Publisher FAO ;

Product type Book (series)

Series title FPMA Bulletin

Series number #4, 10 May 2016

Full item page

Synopsis (short abstract) International prices of wheat showed mixed trends in April but remained lower than a year earlier reflecting mostly good prospects for 2016 production. By contrast, maize export quotations generally increased supported by solid export demand and concerns about 2016 production prospects in South America. In Asia, rice prices strengthened in exporting countries in April amid expectations of reduced 2015 secondary crops, due to dry weather associated with the El Niño phenomenon. In South Africa, pr ices of white maize continued to decline from the record levels of February with the ongoing harvest but were still high, underpinned by tight supplies and poor crop prospects. In Nigeria, the currency weakness triggered further increases in coarse grain prices, with those of sorghum at record highs. Steep price increases were also recorded in South Sudan. In Argentina, strong exports supported by the depreciation of the local currency and the recent elimination of export taxes underpinned price s of maize which were at record highs in April and pushed prices of wheat to double their year-earlier levels. Similarly, in Brazil, maize prices were mainly underpinned by rising exports but also sustained domestic demand from the feed industry.

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Prospects for continuing large global supplies kept international prices of wheat and maize under downward pressure in March. Export prices of rice in Asia generally firmed, but they were still down in March compared to the same period last year. In East Africa, coarse grain prices rose further in March, sustaining the already high levels, particularly in South Sudan. In Southern Africa, despite some declines in South Africa, prices remained well above their year-earlier values, reflecting tight supplies and poor 2016 production prospects. In West Africa, in Nigeria, sharp price increases continued mainly due to the depreciation of the national currency. In South America, currency weakness in several countries maintained upward pressure on cereal prices, which remained at relatively high levels, particularly in Argentina and Brazil. In Colombia, the depreciation of the national currency coupled with this year’s unfavourable production outlook pushed prices of rice to record highs in Ma rch.
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International wheat prices declined in February as a result of reduced trade activity, while maize quotations were firmer on stronger demand. International prices of rice followed mixed trends depending on the origin. Overall, cereal quotations remained lower than in the corresponding period last year. In Southern Africa, maize prices continued to increase in February, although at a slower rate, and were at record highs. Prices increased also in several East African countries, reaching levels w ell above those of a year earlier, mainly supported by reduced domestic availabilities. In West Africa, coarse grain prices rose steeply in Nigeria in January. In South America, cereal prices in February increased sharply in several countries of the subregion. Most notably, prices were at record highs or well above those of a year earlier in Argentina, Brazil and Colombia mainly due to the depreciation of the national currencies.