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Food prices update March 2014

Research reports

Written by Sharada Keats, Steve Wiggins

​Key Messages:

Record global harvests expected for 2013/14 for the three main cereals, as farmers respond to recent high prices

Spot prices of maize and wheat have edged up slightly since January to US$223 a tonne for maize and US$316 a tonne for wheat — owing largely to uncertainties surrounding the crisis in Ukraine.

Rice prices from three major exporters – Thailand, India, and Vietnam – are hovering around the range of $370 to $380 a tonne for 25% broken rice: less than two years ago, ruling Thai prices were US$550 a tonne.

The Thai government’s rice intervention scheme is suspended as of the end of February 2014: this should lead to further falls in rice prices.

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Steve Wiggins and Sharada Keats