After declining for three consecutive months, global wheat export prices stabilized in April 2024. Upward pressure from robust global demand was the main driver of a 9 percent and 3 percent month-on-month increases in the Argentina (12%, Up River) values and the Russian Federation (milling, offer, f.o.b., deep‑sea ports) quotations, respectively. Concerns about unfavourable crop conditions in the Russian Federation and the European Union also contributed, lifting the European Union (France, Grade 1, Rouen) prices by 3 percent in April. These increases were offset by strong competition among major exporters, which underpinned a 4 percent decline in Australian (Eastern States, ASW) prices, a 1 percent decline in the Canadian (CWRS, 13.5%, St. Lawrence) quotations and a 1 percent drop in the benchmark United States of America (US No. 2, Hard Red Winter) values.

By contrast, world maize prices increased month-on-month in April 2024. The Ukraine (offer, f.o.b.) maize prices increased by 5 percent, reflecting high import demand, amidst mounting logistical disruptions stemming from infrastructure damages. The Brazil (Paranagua, feed) quotations also rose by 6 percent, with reduced production prospects ahead of the start of the main harvest. The benchmark United States of America (US No.2, Yellow, f.o.b.) maize prices were stable month-on-month.

The FAO All Rice Price Index averaged 135.7 points in April 2024, down 1.8 percent from its March level. Among the major Asian exporters, export quotations declined especially in Thailand, following the arrival of freshly harvested supplies from the off-season harvest and a depreciation of the baht vis-à-vis the United States dollar. Prices of 25% broken rice also moved down in Viet Nam, as the winter-spring harvest entered its final stages in the Mekong River Delta and demand for this quality remained limited. Trends in other origins also led to price falls in Pakistan. In the United States of America, quotations of US No. 2, 4% rice slightly eased, in the wake of a government survey report indicating that producers intended to expand plantings of the 2024 long-grain by 11 percent.