Domestic rice prices showed mixed trends in May and June 2024 and were well above their year-earlier levels, driven by increases in production and transport costs, output cuts in some countries and higher international prices following India’s export restrictions, which led to elevated prices for importing countries and increased demand in exporting countries.

Wholesale prices stabilized in June in Thailand, reflecting improved market availability from the 2023/24 secondary harvest that has just concluded. In India, the national average retail price of rice showed a slight month-on-month seasonal strengthening in June. In Myanmar, wholesale prices of the widely consumed Emata rice increased to new record highs in June, as the seasonal upward pressure was exacerbated by high production and transport costs. By contrast, in Viet Nam, wholesale rice prices declined month-on-month in June with the onset of the 2024 summer/autumn harvest, which accounts for about 35 percent of the annual output. In China (mainland), the wholesale national average price of Indica and Japonica rice varieties remained stable in June and were only marginally above their year-earlier levels, reflecting adequate market availabilities from the 2024 early double crop, currently being harvested. In Sri Lanka, retail rice prices strengthened slightly month‑on‑month in June, reflecting seasonal trends that were exacerbated by a below‑average 2024 main Maha harvest, affected by localized floods, pests and diseases. Similarly, in Bangladesh seasonal trends were behind a month-on-month increase in retail prices of rice in the Dhaka market. In the Philippines, the national average retail price of rice softened in May due to improved availability from the 2023 secondary harvest, which was, however, reduced due to dry weather conditions, as well as from large imports in the first part of 2024. However, prices remained about 25 percent higher year-on-year in June.

Regarding wheat grain and wheat flour, prices continued to decline month-on-month in June 2024 and were well below their year-earlier values, reflecting improved market availability from the 2024 winter wheat harvests, estimated at bumper levels in many countries. In China (mainland), wholesale wheat grain prices continued to decline in June and were lower year-on-year, weighed down by ample market availability from the ongoing 2024 harvest, estimated at an above‑average level, and with adequate carryover stocks. In Pakistan, retail wheat flour prices declined for the third consecutive month in June and were well below their high levels a year earlier, as the 2024 harvest, officially estimated at a record level, increased market supplies. In Sri Lanka, a net wheat importer, retail prices of wheat flour declined marginally in June and were about 10 percent below their levels from the previous year, reflecting trends in international markets and adequate imports. In India, the national average retail price of wheat grain was stable in June, as large government purchases offset the downward pressure from the record 2024 harvest. In Afghanistan, retail prices of wheat flour showed month-on-month mixed trends in June across various markets but were lower year-on-year, in line with weak international wheat quotations and improved market availability from the recently completed 2024 winter wheat harvest.