The price of cornmarked by futures contracts for July, closed this Monday at 8.07 dollars a bushel US, its highest price since September 2012, according to specialized media.
The Food and Agriculture Organization of the United Nations (FAO) reported at the beginning of the month that world food prices reached their highest level since 1990 in March due to higher prices for vegetable oils and cereals, the latter “largely” due to the war in Ukraine.
“The potential loss of exports of corn from Ukraine makes the world situation more difficult and could be enough to maintain, for now, the upward trend in oil prices. corn“said Jack Scovile, an analyst at the firm The Price Futures Group.
In statements collected by the Market Watch website, Scovile pointed out that, in addition to the war in Ukraineinvestors are also eyeing US farmers’ plans to plant corn.
According to the FAO, the cereal price index stood at an average of 170.1 points in March, 17.1% compared to the previous month, the highest level in the historical series, which began in 1990.
The UN body stressed that both Russia and Ukraine are large exporters of wheat, barley or cornin addition to selling by themselves 52% of the sunflower oil consumed in the world.
