The price of corn in the US near the ten-year record.
The price of corn in the Chicago contract market for 25.4 kg on Tuesday exceeded $ 8 for the first time in almost 10 years, approaching a record level due to fears of global supply disruption.
Contracts for the distribution of corn in the next period were concluded at a price of $ 8.04 per 25.4 kg or 2.6 percent higher, due to the war in Ukraine, which is one of the world’s leading producers of corn.
Corn prices in the US have not been at $ 8 since September 2012, following a drought that ruined yields when the price reached a record $ 8.49.
Prospects for global corn supplies were threatened by Russia’s attack on Ukraine, which disrupted agriculture and trade flows in the region, which accounts for about one-fifth of total world exports.
In addition, future corn production in Ukraine could be reduced by almost 40 percent compared to last year, according to estimates of the Ukrainian Wheat Association.
American farmers aim to plant more soybeans than corn this year, which is only the third such case in U.S. history, as record fertilizer prices are forcing them to give up growing cereals, which are expensive.