CHICAGO: Corn futures jumped past the $7 per bushel mark in the second week of October, tracking the rise in other grain commodities to levels not seen in three months amid worries of lower supply.
Russian forces ramped up shelling in western parts of Ukraine, increasing worries that Moscow could cease the safe trade corridor that was established to restart exports of grains through the Black Sea ports of Ukraine.
Prior to the pandemic, Ukraine was the world’s 5th largest producer. Prices were also supported by fresh blows to supplies in Europe as the undergoing harvest is confirming expectations of damaged crops due to harsh droughts from the summer, lowering feed grain crops to levels not seen in 15-years.
