Staple grains international prices down in February
The FAO Cereal Price Index averaged 167.8 points in February, down 1.5 points (0.9%) from January.
International prices of all major cereals, except rice, fell in February. Wheat prices were generally lower, in part due to continued well-supplied markets while the negative impact on demand resulting from the spread of the coronavirus (COVID-19) also contributed to the price decline.
Maize prices retreated too, influenced by expectations of weaker demand from the feed sector due to overall deteriorating economic prospects.
Previously reported that flour mills in Asia are expected to increase wheat purchases as grain prices in the key supplier, the Black Sea region, fell last week amid expectations of a good harvest.