FPMA Bulletin #7
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FAO ;
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International grain prices declined significantly in July, with those of wheat weighed down by seasonal harvest pressure and maize quotations falling on account of generally favourable weather for developing crops. Prices of rice showed mixed trends in Asian origins, while they increased in main exporting countries of South America. In Africa, food prices soared in July in South Sudan driven by the recent upsurge in insecurity. In Nigeria, the weak local currency continued to exert upward press ure on cereal prices, while in Malawi maize prices rose steeply for the second consecutive month mainly as a result of the sharply drought-reduced 2016 harvest. In South America, the increasing trend in yellow maize prices of the past several months halted under downward pressure from the ongoing 2016 harvests in the main maize producing countries, Argentina and Brazil, although prices remain at high levels. Elsewhere in the subregion, prices generally increased as a result of the reduced maize harvests expected this year.