Market Monitor November 2024

08 Nov 2024

In October 2024, wheat prices reached multi-month highs due to weather-related planting delays in parts of the northern hemisphere, although they later eased as field conditions improved. Maize prices also strengthened slightly despite swift harvest progress in the United States while rice and soybean quotations declined. Vegetable oil prices increased, resulting from further tightening in market fundamentals. India removed its minimum export price for non-basmati white rice, while import restrictions were eased in Türkiye (maize) and Bangladesh (rice, vegetable oils). If La Niña conditions develop in the coming months, they are expected to be weak and short-lived. Finally, FAO Food Price Index, a benchmark index for world food commodity prices, reached its highest level since April 2023 driven mainly by higher vegetable oil prices.