Wholesale prices of wheat grain and wheat flour were stable or decreased in March 2024 in the subregion. In Argentina, the region’s major wheat exporter, prices declined by 6 percent month-on-month, following downward trends in international markets. Prices were more than three times higher than the already elevated levels of a year earlier, after two consecutive years of below-average harvests. In Brazil, prices were stable or declined in the key producing states, reflecting lower international quotations. In Uruguay, after sharp seasonal declines in December 2023 and January 2024, wheat prices remained stable for the second consecutive month. In Brazil and Uruguay, prices were well below their values a year ago in March on account of the above-average harvest attained in 2023. In importing countries, wholesale prices of wheat flour were stable in most markets of Colombia as well as in Peru in March, while they declined by 6 percent month-on-month in Ecuador. In the above‑mentioned three countries, prices were down from their March 2023 levels, reflecting lower year‑on‑year international quotations.

Wholesale prices of rice were also stable or declined in March 2024 in most countries of the subregion. The notable exception was Paraguay, where prices rose further, by 7 percent month-on-month, despite the ongoing harvest, as strong upward pressure was provided by the smaller‑than‑expected paddy output, on account of adverse weather conditions. In Brazil, prices decreased seasonally in the Federal District, while prices were stable in the key producing state of Rio Grande do Sul, as seasonal downward pressure was limited by the impact of excessive precipitation on production. In the above-mentioned two countries, prices were about 35 percent higher year‑on-year due to the below-average 2023 harvest. In Colombia and Uruguay, where the 2024 harvest is yet to arrive in markets, prices were steady in March. Ahead of the start of the 2024 main harvest, prices showed mixed trends in Ecuador, while they were stable in Peru. Prices were higher year-on-year, reflecting a yearly decline in the 2023 paddy harvest in Ecuador and Peru, and due to large export volumes in 2023 in Uruguay.

Wholesale prices of yellow maize showed mixed trends in March 2024. In Brazil, prices decreased for the second consecutive month across major markets due to improved supplies from the ongoing 2024 minor season harvest and declining international maize quotations. Prices were between 25 and 35 percent down from a year earlier, reflecting the record outturn in 2023. Similarly, in Uruguay, the start of the harvest in March weighed further on prices, which had declined in the past two months, on account of favourable prospects. Prices were 22 percent lower year‑on-year due to ample import volumes in 2023, which more than offset the drought-stricken well below-average 2023 output. Prices declined seasonally in Colombia and Peru, with improved supplies from the 2024 first season harvest and were lower year-on-year, on account of the above-average 2023 harvest. In Paraguay, prices were steady, as concerns over the impact of dry spells offset the downward pressure from the recently‑harvested 2024 minor season output. Prices were about 10 percent higher year-on-year, reflecting the below-average 2023 harvest. In Argentina, after a short-lived decline in February, prices rose slightly in March, as the recently-started 2024 harvest is yet to increase market supplies. Prices were 190 percent above their year-earlier levels due to the drought-stricken 2023 harvest and the devaluation of the Argentine peso. In Ecuador, prices continued to rise in Portoviejo market (Manabí Province), as upward pressure from the seasonally-reduced availabilities was exacerbated by concerns over the impact of above‑average rains in February on crop yields.