Global wheat export prices rose sharply in May 2024, with increases for all major origins and with many recording double-digit growth. Intensifying concerns about the impacts of unfavourable crop conditions on the 2024 harvests in the European Union and the Russian Federation underlined a 16 percent increase in the European Union (France, Grade 1, Rouen) values and a 12 percent increase in the Russian Federation (milling, offer, f.o.b., deep‑sea ports) quotations. Additionally, damage to the Black Sea shipping infrastructure exacerbated the upward pressure on prices. Reflecting the stronger market tone, the Argentina (12%, Up River) values, the Australian (Eastern States, ASW) prices, the Canadian (CWRS, 13.5%, St. Lawrence) quotations and the benchmark United States of America (US No. 2, Hard Red Winter) prices rose by 13 percent, 10 percent, 9 percent and 3 percent, respectively, month‑on‑month.

World maize prices also increased in May 2024. Major increases were registered for the Ukraine (milling, offer, f.o.b.) prices, which rose by 8 percent mostly due to limited farmer selling in Ukraine, amidst tightening supplies and strong global demand as well as continued expanded infrastructure damage. Production concerns in Argentina, due to crop damage from the spread of Spiroplasma disease, and in Brazil, due to unfavourable weather, were mostly behind the 2 percent increase in the Brazil (Paranagua, feed) quotations. The benchmark United States of America (US No.2, Yellow, f.o.b.) maize prices also rose by 1 percent in May.

The FAO All Rice Price Index averaged 137.3 points in May 2024, up 1.3 percent from April, largely due to higher Indica quotations. Export prices of Indica rice increased in Thailand and Pakistan during May, after three successive months of decline. The rebound followed the announcement of an import tender by Indonesia’s BULOG. In Thailand, where the offseason crop harvest approached its end, prices drew additional support from easing supply pressure. In Viet Nam, export quotations remained close to their April levels, as limited fresh demand, aside from Indonesia, prevented tangible price increases. Meanwhile, a strong pace of exports to regular Latin American markets tended to steady quotations of long-grain rice in the United States of America.