In February 2025, wholesale prices of yellow maize were stable or increased in most markets across the subregion, in line with seasonal trends. In Argentina, wholesale yellow maize prices continued rising in February, for the seventh consecutive month, reaching record price levels as a result of the record-high export demand, supported by the reduction of export taxes from 12 to 9.5 percent in January 2025. Prices were about 50 percent above the previous year’s levels, in line with reduced availabilities from the 2024 low harvest along with the sustained currency depreciation. In Paraguay, wholesale prices of yellow maize increased seasonally in February and were slightly higher than the previous year, reflecting a 10 percent year-on-year reduction of imports in the July 2024 to January 2025 period. Wholesale prices of yellow maize followed mixed trends across markets in Brazil in February. Prices remained stable in the Rio Grande do Sul and Federal District markets, reflecting adequate availabilities from the minor harvest, currently underway, but were 3 percent higher month-on-month in Paraná market, reflecting the impact of dry conditions on harvesting operations at the beginning of the year. Prices were above their low levels of a year earlier, when the 2023 bumper harvest exerted downward pressure on prices across markets. Wholesale prices of yellow maize increased in most markets across Ecuador in February, in line with seasonal trends and with rising export prices from Argentina, the main exporting partner. Prices were largely above their previous year’s levels across markets, reflecting limited supplies from the 2024 drought-stricken harvest. In Colombia, wholesale yellow maize prices were stable or declined month-on-month in February, due to improved supplies from the start of the minor season harvest and were above their level in 2024, when the bumper harvest kept prices low.

Wheat prices strengthened in February 2025, in line with rising international quotations. In Argentina, wholesale wheat prices rose for the third consecutive month in February, despite the improved market availability from the recently concluded above-average harvest, due to rising international quotations and high export demand. Wholesale wheat prices were about 20 percent higher year-on-year, reflecting the limited supply from two years of low harvests in 2022 and 2023. In Brazil, wholesale prices of wheat increased seasonally month-on‑month in February in Rio Grande do Sul market and remained stable in Paraná, in line with lower seasonal demand from the milling industry. Wheat prices were higher due to limited availability from the 2023 low harvest. After two months of consecutive declines, wholesale wheat prices in Chile showed a slight monthly increase in February, after the end of the harvest, reflecting crop losses caused by wildfires in the central region. Prices of wheat in Chile were almost 12 percent above their levels of one year earlier, reflecting a reduced supply from lower year-on-year domestic production and import volumes in 2024. In one of the main wheat importing countries of the subregion, wholesale prices of wheat continued weakening by 5 percent in February in Ecuador, in line with ample availability from the large import volumes in 2024 and were lower than the previous year. Wholesale prices of wheat flour were stable in most markets of Colombia reflecting adequate supplies, except for Bogotá market, where wholesale prices increased by about 7 percent month-on-month in February. Wheat flour prices were lower year-on-year in Bogotá and Cartagena markets in Colombia, reflecting large market supplies and lower international quotations.

Wholesale rice prices followed mixed trends across the subregion in February 2025. Wholesale rice prices in Brazil declined for the third consecutive month in February, amid favourable prospects for the ongoing harvest. In both the Federal District and Rio Grande do Sul markets, prices were lower year-on-year, in line with the large availability from above‑average import volumes. In Paraguay, wholesale rice prices soared monthly by about 20 percent in February, due to limited availabilities ahead of the start of the harvest in March 2025 and were about 35 percent up from their year-earlier levels following lower year‑on‑year imports from September 2024 to January 2025. Across markets in Colombia, wholesale rice prices remained stable or slightly declined month-on-month in February, with improved supplies from the start of the minor season harvest in February. Prices were below their level of one year earlier in most markets, reflecting the large 2024 outcome. In Ecuador, where the minimum wholesale price of rice was fixed by the government in December 2024, prices remained stable in February 2025 in Quito market, in line with adequate market availabilities. Prices were about 5 percent below their previous year’s levels, due to the downward pressure from the large 2023 import volumes.