Global Price Watch: Prices July 2021 (August 31, 2021) – World

KEY NEWS

In West Africa, grain prices were stable or increased in July compared to the previous month, but remained above average in most markets – especially for corn. The market supply continued to decline over the course of the lean season. Despite a slight increase in supply through harvesting in the dry season of flood-recession crops, supply in the entire region remained below average. Demand increased seasonally across the region as household inventories were depleted during the lean July-August season and inventory levels were replenished by traders and institutional investors. The demand for farm animals in the entire region increased significantly compared to the previous month due to the Tabaski holiday (page 3).

• In East Africa, basic food prices followed typical but varied trends. Corn and sorghum prices fell in most markets in Uganda, Burundi and Tanzania due to the May-August harvest and in South Sudan due to exchange rate stability. Prices remained stable in rural Kenya, but typically rose in most Sudan markets as supply became scarcer. Prices rose atypically in Somalia due to the below-average harvest from July to August and in urban Kenya due to the speculative attitude. Livestock prices rose in Sudan and remained stable in Ethiopia and Kenya, driven by reduced market supply and availability of feed and water, but declined in Somalia after the end of the export period. Poor macroeconomic conditions contributed to increased prices in Sudan, South Sudan, Burundi and Ethiopia (page 4).

• In southern Africa, the regional corn supply in the 2021/22 (MY) marketing year is above average due to favorable growing conditions. Intra-regional informal trade is below average due to domestic availability and limited import demand. Prices were stable or continued to decline and were generally below 2020 levels but remained above average in many countries. South Africa continued to export to international markets and corn prices there continued to track the increased global reference market prices. These trends are also reflected in the neighboring import-dependent countries (page 5).

• In Central America the markets are well supplied and function normally. Corn prices were stable in July or rose seasonally. Prices for local beans and imported rice were similarly stable. In Haiti, local corn and black bean prices remained stable during the spring harvest despite the ongoing political and security crisis. Imported rice prices were also stable, while other imported staple foods continued to rise due to depreciation (page 6).

• In Central Asia, wheat prices remained stable in July, but remained well above the five-year average. Wheat prices in Afghanistan and Kazakhstan were similar to or below 2020 levels. In Yemen, the effects of currency shortages, currency depreciation and exchange rate volatility due to protracted conflicts and other socio-economic factors continued to affect the economy as a whole. The prices for staple foods remained well above average (page 7).

• The international staple food markets are well supplied. Rice, corn and soybean prices fell on average in July, while wheat prices showed mixed developments (Figure 2). Global crude oil prices remained stable in the second half of 2021 due to expectations for a market realignment, while global fertilizer prices generally remained stable in July (page 2).

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