Commodities
Europe Corn and Soybean Meal Prices Reach Record Highs Amid Supply Concerns
Corn and soybean meal prices in Europe are reaching record highs due to supply concerns.
The heatwaves and poor EU crop prospects have led to a shortage of corn, forcing European buyers to rely on imports from Brazil and the US.
The risk to Ukrainian supplies amid the ongoing war has also contributed to the price hike. In response, some feed producers in Spain are looking for alternatives, such as barley, which is available on the domestic market.
Soybean meal prices are being supported by high Brazilian premiums and weak soybean crush margins, making US product more competitive in the European market.