Key messages
↗ Ample supplies and improved production prospects kept cereal prices generally under downward pressure. Maize and rice quotations fell the most, while high quality wheat prices firmed on strong demand.
↗ In Africa, food prices in South Sudan declined in August although they remained high, while in Nigeria the weak currency continued to underpin prices. In Southern Africa, decreasing maize quotations in South Africa eased prices in importing countries.
↗ In Asia, domestic prices of rice weakened in the main exporting countries in August, particularly in Thailand, amid mostly favourable prospects for the 2016 paddy crops and overall sluggish export demand.
↗ In South America, domestic prices of yellow maize in Argentina fell significantly from their record highs as a result of ample supplies from the recently-completed 2016 harvest, while they generally increased elsewhere due to an anticipated decline in this year’s outputs.
