Export prices of wheat and maize declined slightly in September

Export prices of wheat were generally lower in September. The benchmark US wheat (No.2 Hard Red Winter, f.o.b.) decreased for the third consecutive month, averaging USD 201 per tonne in September, down 1 percent from August and 17 percent from the corresponding period last year. Brisk exports and concerns over crop quality and spring wheat harvest delays limited the decline in prices. By contrast, export prices of Australian wheat firmed following further downgrading of this year’s production prospects and hence tightening of export supplies. Canadian wheat prices also edged higher on rain-related concerns over crop quality.

 

Export prices of maize fell in September. The benchmark US maize (No.2, Yellow, f.o.b.) averaged USD 157 per tonne, down nearly 3 percent from August and 20 percent from the 11-month high reached in June. The decline in September reflected ample export availabilities as a result of slow import demand. However, concerns over excessive wet conditions in key growing areas and a pick-up in export sales towards the end of the month prevented steeper price declines. Maize prices were also down in Ukraine, pressured by better-than-expected supplies, as well as in Argentina where supplies were boosted by this year’s record crop.