Corn prices continued to rise, reaching the highest level in 10 years due to the Ukraine-Russia war.
Corn prices continued to rally due to the supply risks posed by the war in Ukraine. Russia’s invasion of Ukraine prevented the Ukrainian harvest from leaving the ports.
July futures rose 0.8 percent to $7.90 on the Chicago Stock Exchange, the highest level since 2012 for the most traded contracts.
After the invasion of Ukraine, wheat also increased by 2.2 percent to $11.28. Russia and Ukraine supplied a quarter of the world’s wheat and corn. On the other hand, India increased its wheat export by utilizing the supply gap caused by the war. According to the statement made by the Indian Ministry of Commerce, the South Asian country plans to export three million tons of wheat.
