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Food Price Monitoring and Analysis (FPMA) Bulletin # 5, 10 June 2020

Monthly Report on Food Price Trends

Year of publication 2020

Place of publication Rome, Italy ;

Pages 20 p.

Author FAO

Publisher FAO ;

Product type Journal, magazine, bulletin

Series title FPMA Bulletin

Series number mei/20

Edition 1

Synopsis (short abstract) Export prices of wheat dipped in May after an increase in April, pressured by a good supply outlook and a slow pace in trade. Prices of maize declined further on large export availabilities amid weak import demand. By contrast, international prices of rice increased for the fifth consecutive month. In East Africa, disruptions to food supply chains and stronger demand triggered by the COVID-19 pandemic continued to underpin sharp food price increases in May in Somalia, the Sudan and South Sudan. In Southern Africa, prices of maize declined in May with the arrival of the 2020 harvests, which are estimated to have recovered from last year’s reduced levels in several countries. In East Asia and South America, the slowdown in domestic buying and improved availabilities from the new harvests halted the sharp increases in the prices of rice of the past few months that were triggered by the impact of the COVID-19 pandemic.

Language English

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    Export prices of wheat continued to decline in June, pressured by the progress of the new harvests and a favourable global supply outlook. International prices of rice decreased for the first time since the start of the year mainly on account of slow trading activities. By contrast, prices of maize increased, after declining in the past several months, supported by strong global demand and adverse growing conditions in the United States of America. In East Africa, prices of coarse grains declined in June, where newly harvested crops and easing of the COVID-19 pandemic‑related lockdown measures improved market availabilities. By contrast, in the Sudan, prices continued to increase steeply due to tight domestic supplies, a weakening currency and pandemic containment measures hampering supply chains. In Central America, prices of beans continued to record sharp increases in June, reaching historic highs in some countries, due to the seasonal upward pressure compounded by strong domestic and foreign demand amid concerns over the COVID-19 pandemic.
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    Export prices of wheat and maize averaged lower in March than in February despite brisk trade activity amid worries over the COVID-19 pandemic as large global supplies and favourable production prospects continued to dominate market sentiment. By contrast, concerns over the pandemic and news of Viet Nam temporarily halting new export contracts, kept international prices of rice on the rise. An upsurge in food demand and disruptions to supply chains triggered by the COVID-19 pandemic underpinned food price increases in several countries in the second half of March. To counter over-pricing and ensure domestic availabilities during the pandemic, governments are adopting a variety of policy interventions. In Mexico and South Africa, prices of white maize rose significantly in March amid sharp currency depreciations largely driven by expectations of a COVID-19-induced economic downturn. In the Sudan, prices of staple foods soared to record highs in March following a further devaluation of the country’s currency as a result of acute foreign exchange shortages and a widening gap between the official and parallel exchange rates. Fuel shortages and a below‑average 2019 cereal output, coupled with high production and transportation costs, continued to exert an upward pressure on prices.
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