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• Record global harvests were achieved for 2014/15 for the three main cereals, as farmers respond to high prices;
• Maize and wheat prices fell, while rice prices remained relatively stable over the marketing year;
• After several years of high and volatile prices, spot prices of maize, wheat, and rice are reaching new equilibria — and may drop further in light of the large oil price falls seen since late 2014.

As an additional to the review of cereal prices, this annual review contains a special essay examining some evidence on the consequences of the price spike for children’s nutrition.