Global grain prices moved higher in August, according to the United Nations Food and Agriculture Organization, FAO’s cereal price index increased 2.2 percent from July as wheat, corn and rice prices strengthened. Global wheat prices increased 2.6 percent during the month and were 15 percent higher than a year earlier. Corn prices increased 2.5 percent. FAO cited strong import demand, weather concerns and uncertainty surrounding major trade routes as factors behind the increase. Global cereal production is forecast at 2.98 billion metric tons, down two percent from last year’s record but still the second-largest crop on record.
