Wheat prices down globally, rice price unchanged

Wheat and maize prices declined 11 per cent and 14 per cent, respectively, in the global markets in the past two weeks while rice prices have remained relatively unchanged, according to the World Bank's Food Security Update.

The decrease in maize and wheat prices drove the decrease in the cereal price index.

The fall in coffee prices, which were 12 per cent lower than two weeks ago, was the primary driver of the slide in the export price index, according to the update released on May 8.

On a year-on-year basis, maize and wheat prices are 17 per cent and 38 per cent lower, respectively, while rice prices are 15 per cent higher.

Maize prices are up 13 per cent than in January 2021, while wheat and rice prices are down 6 per cent and 4 per cent lower, respectively.

The agricultural, cereal, and export price indices closed 8 per cent, 9 per cent and, 11 per cent lower, respectively, than two weeks ago, according to the WB.