FPMA Bulletin #6, 11 July 2016
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International wheat prices rose in June but remained below last year’s level on account of good supply prospects. Maize prices increased as a result of fast shrinking export supplies in South America and in the Black Sea region. Tight availabilities continued to lend support to rice quotations in most Asian origins, but gains were contained by subdued demand. In Africa, cereal prices rose sharply in South Sudan underpinned by high inflation and insecurity, and in Nigeria mostly due to the depre ciation of the local currency. In South Africa, domestic prices of yellow maize increased further and were nearly 50 percent higher than in June last year as a result of tight domestic availabilities and currency weakness. In South America, prices of yellow maize increased and were well above their year-earlier levels in most countries of the subregion, particularly in Argentina and Brazil, underpinned by a strong pace of exports and a 2016 reduced output, respectively.