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Brace for higher food prices
17.01.2011 13:34 "Agro Perspectiva" (Kyiv) —
one of the contributing factors was the reduction in crop harvests last year in the United States - the world’s largest producer of corn, whose exports make up the majority of global trade in that grain.
The situation has been made worse by dry weather conditions in Argentina, as well as floods in both Australia and Brazil, all of which grow grains such as corn, wheat and soybeans for the world market.
In addition, the price of oil has reached almost US$100 per barrel, which has significantly impacted the cost of transportation and has contributed to driving up the grains complex for corn, wheat and soybeans over the past few weeks. Global reports are that the soaring prices of grains will continue to push up the cost of feed, diary, poultry, milk and meat worldwide.
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