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Food price update December 2012

Research report

Written by Steve Wiggins, Sharada Keats

Research report

ODI’s Food Prices Updates focus on tracking international prices of key staple cereals maize, rice, and wheat, and provide commentary on events in markets that affect these prices. They also follow international food and commodity price indices. This edition focuses on food prices from mid October to December 2012.

Key Points:

  • With every passing month, it seems the shock of the US drought is behind us: no further shocks.
  • Even so, at US$325 a tonne for maize, US$367 a tonne for wheat, prices are high. Maize stocks, moreover, are now very low indeed.
  • Prospects for summer harvests in the Southern Hemisphere are bright, especially for maize. The threat of an El Niño has receded.
  • Rice harvests will equal last year’s record. Rice prices are high, but stable.
Steve Wiggins and Sharada Keats