MAIZE, soybeans and rice price indices stepped firmer over the month, as wheat and barley slipped, according to the monthly report of the International Grain Council (IGC) released last night.
While the IGC grains and oilseeds prices index (GOI) gained 1 per cent this month, the rise was brought about by the strengthening sub-indices for rice, soybeans and maize which more than compensated for declines in the sub-indices for wheat and barley.
The wheat sub-index fell 4pc over the month, mainly driven by the switch to new-crop quotations for some origins.
Seasonal factors also applied light pressure to wheat and barley, stemming from a broadly comfortable world supply outlook and uncertain demand prospects.
Barley stocks higher
IGC said barley global inventories were expected to expand in 2020-21 amid reduced consumption. Stocks among major exporters would remain ample.
The IGC GOI soybeans sub-index strengthened by 5pc to a five-month peak, boosted by dwindling Brazilian availability and a pick-up in US export demand, mainly from China.
The maize sub-Index rose for a second successive month, up by 3pc from late May, mostly on firmer US values, with price support tied to solid buying interest and tight spot Gulf loading capacity.
The rice sub-index firmed a little, primarily underpinned by gains in Thailand, linked to tighter supplies and currency movements.
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