FPMA Bulletin #5, 9 June 2016
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International prices of wheat showed mixed trends in April, but remained lower than a year earlier mostly reflecting good prospects for 2016 production. By contrast, maize export quotations generally increased, supported by solid export demand and concerns about 2016 production prospects in South America. In Asia, rice prices increased in exporting countries in April amid expectations of reduced 2015 secondary crops, due to dry weather associated with the El Niño phenomenon. In South Africa, pri ces of white maize continued to decline from the record levels of February with the ongoing harvest but were still high year‑on‑year, underpinned by tight supplies and poor crop prospects. In Nigeria, the currency weakness triggered further increases in domestic coarse grain prices, with those of sorghum at record highs. Steep price increases were also recorded in South Sudan. In Argentina, strong exports, supported by the weak local currency and the recent elimination of export taxes, underpinn ed prices of maize which were at record highs in April and pushed prices of wheat to double their year-earlier levels. Similarly, in Brazil, maize prices were mainly underpinned by rising exports but also sustained domestic demand from the feed industry.