International prices of wheat and maize down, while rice prices continued to edge up in November
International cereal prices
World wheat prices fell in November, underpinned by the Russian Federation rejoining the Black Sea Grain Initiative and the extension of the agreement, which eased overall market sentiment. In addition, low demand for supplies from the United States of America due to uncompetitive prices also weighed on the benchmark United States of America (US No. 2, Hard Red Winter) price, which fell by 3.7 percent month-on-month. Greater competition for sales by the Russian Federation contributed to a 1.1 percent drop in the European Union (France, grade 1) quotations.
International maize export prices eased slightly in November, also reflecting the impact of developments in the Black Sea Grain Initiative. Improved transport on the Mississippi River in the United States of America, on top of higher seasonal availability and subdued demand due to uncompetitive prices, contributed to a 6.6 percent fall in the benchmark United States of America (US No.2, Yellow, f.o.b.) maize price. The Argentina (Up River, f.o.b.) quotations also fell, by 2.4 percent in November, influenced by slower demand for exports, slightly improved planting conditions and currency depreciation against the United States dollar.
The FAO All Rice Price Index (2014-2016=100) averaged 114.6 points in November 2022, up 2.3 percent from October. Asian prices of Indica rice firmed across all the major exporters in November. In India, where the “Kharif” harvest was ongoing, strong demand for export and an upbeat pace of government domestic procurement underpinned quotations, with the Indian rupee also moving higher against the United States dollar. In Thailand, increases were largely influenced by a rebound in the value of the baht, which superseded the downward pressure exerted by the new crop arrivals and quiet trading. Meanwhile, demand to execute previously‑sealed deals remained strong in Pakistan and Viet Nam. In the Americas, despite little fresh business concluded in November, quotations continued to draw support from a production drop in the United States of America.





