Global Price Watch: June 2014 Prices (July 31, 2014)
- In West Africa, large producers and traders increased sales of last year’s remaining stocks with the onset or progression of rains throughout the region. Prices were stable or declining with the exception of deficit areas of Niger and Chad. Record-high rice and wheat imports from international markets reinforced food availability in Senegal and Mauritania.
- In East Africa, sorghum prices increased more quickly than usual due to constrained trade flows during the lean season in northern and eastern South Sudan, southern Somalia, Darfur and South Kordofan States of Sudan. Maize prices declined seasonably across most markets in Tanzania, Uganda and the areas of Ethiopia dependent on the February-to-June (Belg) rains. Livestock prices declined in some pastoral and agro-pastoral markets due to poor animal body conditions following varied performance of March to May rains.
- In Southern Africa, staple food prices declined or remained stable as the harvest season continued. Regional food availability is average to above-average. Maize prices were generally below their respective 2013 levels. In Zambia, the removal of the subsidy on the Federal Reserve Agency’s maize selling price and increased transportation costs since 2013 kept maize meal prices relatively high.
- In Haiti, staple food prices were stable due to adequate food availability countrywide following early local harvests. In Central America, red bean prices increased atypically from December through June in Nicaragua, Honduras, and El Salvador due to a below-average Primera harvest and increased regional and export demand. Local and imported rice prices remained stable throughout the region. Global coffee prices increased by over 64 percent since December 2013 due to poor harvests prospects in key exporting countries.
- In Central Asia, wheat grain and flour availability was good region-wide in June. Prices were stable but above the recent five-year average.
- International rice prices remained stable in June 2014 (Figure 2). Maize and wheat prices declined due to positive supply outlooks for 2014/15. The probability of an El Nino occurring in 2014 continues to rise, and could affect global staple food production in late 2014 and early 2015. Crude oil prices were stable.