A recent report issued by the United Nations Food and Agriculture Organization (FAO) index predicted a decline in global prices for 6 strategic commodities during the first quarter of the new year 2023, namely wheat, white sugar, yellow corn, unpeeled rice, palm oil, and soybean oil.
Food commodity prices have continued to decline globally since mid-2022, according to the latest data issued at the end of last year.
The FAO report predicted that global wheat prices would decline by about $25 per ton, to reach $283 next March, compared to $308 in last November and $328 in the previous October.
According to the index, global wheat prices continue to decline, mainly driven by the Russian Federation's return to the Black Sea initiative to transport grain, in addition to the decline in demand for importing supplies from America due to its uncompetitive prices, and the increase in competition in global markets with the increasing number of shipments.
The report also predicted a global decline in white sugar prices to reach $541 per ton next March, compared to $542 in last November. It also predicted a drop in maize prices to reach $252 per ton, compared to $263.