Page 26 - Food Outlook

PRICES
Maize quotations remain under downward pressure
Ample global availabilities have continued to put downward pressure on international maize prices since the current marketing season began in July. Large export supplies in Argentina and Brazil, the two leading Southern Hemisphere maize producers, contributed not only to weaker prices but, even more importantly, to lower
price volatility. In fact, worries over yield prospects in the
Figure 1. Maize export price (US No. 2 yellow, Gulf)
USD per tonne
180
170
160
150
140
United States and hurricane-affected logistical transport interruptions at US Gulf ports provided only limited and short-lived support to export quotations. The benchmark US maize price (yellow, No. 2, f.o.b.) averaged
USD 148 per tonne in October, down by 6 percent from the start of the season in July and 2 percent below the corresponding period last year. By contrast, prices of
the other two major coarse grains, barley and sorghum, remained generally firmer and above their last year levels, mostly with a brisker pace in trade than during the same period last year. In October, feed barley prices of France
Figure 2. CBOT maize December futures
USD per tonne
20
FOOD OUTLOOK NOVEMBER 2017
2015/16
2016/17
2017/18
180
170
160
150
140
130
120
COARSE GRAINS*
Major Coarse Grain Exporters and Importers
Market assessments
Major Exporters Major Importers
* Coarse grains include maize, barley, sorghum, millet, rye, oats and NES (not elsewhere specified)
JASONDJFMAMJ
2017 values
2016 values
DJFMAMJJASO