Global wheat export prices increased month-on-month in October 2024. Continued concerns over unfavourable weather conditions affecting winter crop sowing in some main producing areas slightly pushed up quotations of the European Union (France, Grade 1, Rouen) and the benchmark United States of America (US No. 2, Hard Red Winter) by 2 percent and 1 percent, respectively. The re-introduction of an unofficial price floor in the Russian Federation, along with unfavourable weather conditions, led to a 9 percent increase in the Russian Federation (milling, 12.5%) values. Ukraine (milling, offer, f.o.b.) prices also increased by 5 percent reflecting strong demand and slow farmer selling.

International maize export prices also continued to rise in October 2024 with increases in quotations of all major export origins. Planting concerns over dry conditions in Argentina underpinned an 8 percent increase in the Argentina (Up River, f.o.b.) prices. Strong domestic demand in Brazil and transport challenges in some parts of the country due to low river levels drove the Brazil (Paranagua, feed) maize prices up by 5 percent. Ukraine (offer, f.o.b.) maize prices rose by 6 percent, reflecting reluctant farmer selling, amid strong demand. The benchmark United States of America (US No.2, Yellow, f.o.b.) maize prices also increased by 3 percent as export demand picked up.

The FAO All Rice Price Index averaged 125.7 points in October 2024, down 5.6 percent from its September level. The decline reflected falls in quotations of Indica rice in Asia, influenced by expectations of increased competition for markets amongst exporters following the repeal of restrictions on exports of non-fully broken rice in India. Price declines were most pronounced in Thailand and Pakistan, where October quotations fell by 11 to 16 percent month-on-month. Export prices also declined in Viet Nam, but in the case of 25% broken rice the fall was capped at 3 percent, amid tight supplies. By contrast, a solid pace of sales drove a slight monthly increase in quotations of long-grain rice in the United States of America.