FAO Cereal Price Index averaged 160.9 points in July

The FAO Cereal Price Index averaged 160.9 points in July, down nearly 6 points (3.6%) from June and also 1.3 points (0.8%) below its level in the corresponding period last year.

"The decline in July was driven by weaker export quotations for wheat, maize and rice. International wheat prices were generally weaker during the first half of the month, but concerns over production prospects in the EU and the Russian Federation started to push export values higher towards the end of the month," the report says.

In coarse grains markets, maize prices remained under general downward pressure, largely on weak demand and good production prospects in the United States.

However, similar to wheat markets, corn values made solid gains towards the end of the month, on weather worries and a faster pace in export sales.

Reference: the global grains production forecast in 2018/19 decreased by 18 mln tons.