World corn prices remain highest since mid-2013: FAO

6 May 2021, 12:25

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The FAO Cereal Price Index averaged 125.1 points in April, up 1.5 points (1.2%) from March, resuming its climb after a short-lived one month respite in March, and stood 25.8 points (26.0%) above its April 2020 level.

"Upward pressure from smaller-than-anticipated planting intentions in the United States of America (USA) and concerns about crop conditions in Argentina, Brazil and the USA pushed corn prices up 5.7% in April. With overall tightening corn supplies, on top of continued strong demand, corn prices stood 66.7% above their values one-year-earlier and remain at their highest level since mid-2013," the FAO report reads.

Among other coarse grains, international barley and sorghum prices continued to soften, falling 1.2 and 1.0% in April, but remained 26.8 and 86.5% above their respective values in the corresponding month last year.

"International wheat prices were generally steady in April, remaining over 17% above their April 2020 values. While wheat quotations received support from rising corn prices, along with crop condition concerns in the USA and several countries in Europe, the expectations for good global production prospects kept prices generally stable," analysts add.

Previously reported that IGC cut its world corn export forecast for 2021/22. Corn export from Ukraine is projected 0.5 mln t lower YoY in 2021/22.