— Reuters: Cereal prices dropped 2.7% from October thanks to weaker wheat and rice prices, while sugar fell 2.4% from October as India and Thailand began crushing and concerns over Brazil's crop prospects eased.
— In a separate report, the FAO trimmed its forecast for global cereal production in 2024 from 2.848 billion metric tons to 2.841 billion, a 0.6% decline from last year but still the second largest output on record.
— World cereal utilisation, meanwhile, is set to increase 0.6% to 2.859 billion tons in 2024/25 thanks to growing consumption. As a result, the FAO expects the cereal stocks-to-use ratio to fall to 30.1% at the close of the 2025 season from 30.8% previously, but still indicating a "comfortable level of global supply".