China’s grain prices have risen sharply in a short time due to adverse international and domestic factors. The corn futures reached a record high for two consecutive trading days at the end of April. Then on May 2, prices swelled to $487 a ton enabling a 13 percent price increase in China’s corn futures from the beginning of 2022.
At the same time, corn prices on Chicago’s Board of Trade (CBOT) were also approaching record highs, exceeding $8 per bushel. This represented a 35 percent increase from the beginning of the year.
Ukraine and Russia are the world’s largest exporters of wheat, barley, sunflower oil, and other agricultural products. The war between these countries is expected to weaken the global food supply and drive up international grain and food prices.
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