Global wheat export prices declined in June 2024 as supplies were boosted by ongoing harvests in Northern Hemisphere countries. The benchmark United States of America (US No. 2, Hard Red Winter) prices fell by 8 percent month on-month. Despite quality concerns stemming from wet conditions in some countries, the imminent start of the wheat harvest in the European Union led to a 3 percent decline in the European Union (France, Grade 1, Rouen) quotations. The implementation of a temporary import ban by Türkiye (from 21 June until 15 October 2024) also contributed to the decline in global prices. Offsetting those declines, the Russian Federation (milling, offer, f.o.b., deep-sea ports) prices rose by 5 percent month-on-month, with the production now expected to be smaller than previously anticipated, on account of unfavourable weather conditions earlier in the season.

Seasonal supplies also underpinned a decline in world maize prices in June 2024. With harvests in Argentina and Brazil progressing, and production in both countries now expected to be larger than previously anticipated, the Brazil (Paranagua, feed) quotations and the Argentina (Up River) prices fell by 5 percent and 3 percent, respectively, month-on-month. The benchmark United States of America (US No.2, Yellow) maize prices also fell by 3 percent in June with larger-than-previously-anticipated planted maize acreage reported in the United States of America, along with generally favourable crop conditions.

The FAO All Rice Price Index averaged 136.6 points in June 2024, down 0.6 percent from May. Trading activities were generally quiet in the major Asian exporters of Indica rice during June, as fresh demand proved limited. Although in Thailand and Pakistan previously-sealed deals provided some underpinning to prices, particularly in the earlier part of the month, Vietnamese quotations declined to eleven-month lows. The falls coincided with onset of the summer/autumn harvest and concerns over the quality of early-harvested crops. Additional downward pressure on prices stemmed from the retreat of Philippine buyers from the market, as they held off purchases until clarity on tariff changes in the Philippines emerged towards the end of the month. Meanwhile, long grain quotations in the United States of America moved little in June.