Wholesale prices of rice were stable or rose in May 2024 in most countries of the subregion, despite the ongoing or recently-completed harvest. In Brazil, prices remained stable in the flood-affected Rio Grande do Sul, while they rose sharply, by about 10 percent month-on-month in May, in the Federal District despite the nearly-completed harvest, driven by expectations for a below-average harvest. In Paraguay, prices continued to rise to new record highs in May, due to the below-average 2024 output, attained in the first quarter of the year. Prices were 43 and 35 percent, respectively, higher year-on-year in Brazil and Paraguay, reflecting tight supplies from the below-average harvests in 2023 and 2024. In the countries where the 2024 first harvest is ongoing, prices were stable in Ecuador and in most markets of Colombia, while they weakened moderately for the second consecutive month in Peru. In Uruguay, after weakening during the past six months, prices rose by 10 percent month-on-month, driven by a sharp increase in exports in May, which were 60 percent higher year-on-year. From the aforementioned four countries, in Colombia prices were near their year‑earlier levels, while they were higher year-on-year elsewhere.

Wholesale prices of yellow maize showed mixed trends in May 2024 in the subregion. In Brazil, prices continued to decrease in the Federal District, with seasonal supplies from the minor season harvest, while they rose in Paraná and Rio Grande do Sul states due to concerns over the impact of adverse climate conditions on yields of the 2024 main crop, to be harvested from June. Across the major markets, prices were near or below year-earlier levels, reflecting abundant supplies from the 2023 harvest. Prices also continued to decline in Uruguay, as the pressure from the bumper harvest in 2024 augmented the downward impact of larger import volumes in 2023 on prices and were 50 percent lower year-on-year. In Peru, prices remained unchanged for the second consecutive month, with markets adequately supplied. In Ecuador, prices were stable or declined with the start of the 2024 main season harvest and remained, on average, 15 percent down from a year earlier on account of the 2023 bumper harvest. By contrast, in Argentina, prices rose for the third consecutive month in May despite the ongoing harvest, as the lower-than-expected output, affected by leafhoppers, provided upward pressure on prices. Prices were about 230 percent above their year-earlier levels due to the drought-stricken 2023 harvest and the devaluation of the Argentine peso. Prices rose slightly in Colombia and were about 20 percent lower year-on-year on account of the above-average 2023 output. In Paraguay, after weakening in the past three months, prices increased in May on account of the lingering effects of dry spells on the 2024 main season harvest.

Wholesale prices of wheat were overall stable in most countries in May 2024 except for Argentina and Brazil. In Argentina, the region’s major wheat exporter, prices rose sharply by 25 percent month-on-month in May, due to seasonally tight supplies, exacerbated by the recent upward trends in international markets. Prices were 210 percent higher than a year earlier, after two consecutive years of below-average harvests. In Brazil, prices rose by 6 percent month-on-month in May in the two major producing states, supported by recent upward trends in international markets. In Uruguay, wheat prices remained stable for the fourth consecutive month, reflecting adequate market supplies, and were 33 percent below their values a year ago, due to the 2023 above-average harvest. Prices were also steady in Chile at 20 percent below their levels from a year earlier. In the major wheat importing countries, wholesale prices of wheat flour were stable in May in Ecuador, but weakened in Peru and in most markets of Colombia. In these three countries, prices were down from their year-earlier levels, reflecting lower year-on-year international quotations.