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Corn and soy prices at 8 year-high

21 May 20212 min reading

Corn, soybean and wheat prices have reached their peak in the last 8 years. Weather conditions and China's significant increase in imports are the most important reasons.

Corn prices have doubled recently and reached an eight-year high. Considered essential in feed production, soybean prices rose for 11 consecutive days, the longest-running increase since September. Wheat prices increased by 21 percent in April showing the best monthly performance since 2017. Experts pointed out the adverse weather conditions experienced in major producers such as the USA, Brazil and Argentina about the successive price increases in main ingredients for feed production. The drought experienced in Brazil and the USA has been effective in the corn market. The heavy rain in Argentina, another South American country, had a staggering effect on soybean supply. On the other hand, the large-scale purchases made by the Far Eastern giant China, which is trying to heal the wounds it has suffered due to the African Swine Plague (ASF), which destroyed the country's pig population, are equally effective in the world grain market. It is stated that the increases related to input prices, which are the main factors affecting the prices of feed directly and of all animal products indirectly, will continue for a while.

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