Global prices for grain up 3.2% — FAO

The FAO Cereal Price Index averaged 152.7 points in December, down marginally from November but still up 7.4 percent from December 2016. Ample supplies and slower sales contributed to weaker wheat prices, reports FAO.

"However, international maize prices firmed slightly, mostly reflecting weather concerns in Argentina, while those of rice also inched up further, amid continued firm demand and currency appreciations in some leading exporting countries," the message says.

Over the year, the FAO Cereal Price Index averaged 151.6 points in 2017, up 3.2 percent from 2016 but still some 37 percent below its peak reached in 2011.