For maize, in October the climate improved significantly in the US Corn belt, which generated expectations of higher yields, while the USDA increased its estimates of world stocks for the 2008/2009 crop cycle. Although maize prices have suffered a sharp fall from their maximum in June 2008, they are still 58% above the average for the past decade.
Wheat prices mainly fell due to the expectations of a larger global supply. In fact, both the USDA and the International Grains Council (ICG) estimated more abundant harvests in United States, Canada, Russia and Ukraine, which would compensate for the smaller output in Argentina and Australia due to the drought that affected their crops.