The corn price is currently fluctuating greatly.
(Photo: imago images/serienlicht)
Frankfurt The drought in the US is affecting corn cultivation: around 64 percent of corn crops are affected by moderate to severe drought, according to a report by the US Department of Agriculture. In the same period last year it was only 19 percent.
News like this has recently caused the price of corn to rise: futures contracts on the grain exchange in Chicago temporarily rose by twelve percent within four trading days – the last time there was such an increase was in March 2022, when Russia began its war against Ukraine.
The price has since fallen again as US weather models predicted better chances of precipitation over the next two weeks. The price of December-delivery corn fell 5.9 percent on Friday, the biggest one-day drop in the contract’s history.
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