FPMA Bulletin #3, 10 April 2018

KEY MESSAGES

↗ International prices of wheat and maize rose in March for the third consecutive month and averaged more than 10 percent above their levels in December 2017. Prices were mainly supported by concerns over the impact of prolonged dryness in key-growing areas of the United States of America and Argentina, coupled with strong demand. International rice prices remained relatively stable.

↗ In South America, severe dry weather and strong demand underpinned the domestic prices of grains in key exporting country, Argentina, while the price of yellow maize spiked also in Brazil in March.

↗ In East Africa, in the Sudan, the strong upward surge in prices of coarse grains faltered in March but they remained at record or near-record highs, reflecting the removal of the wheat subsidies and the strong depreciation of the local currency.

↗ In Southern Africa, in Madagascar, prices of locally-produced and imported rice declined in February from the record highs reached in January with the harvesting of the minor season paddy crop and following an appreciation of the Malagasy Ariary.