Grain import prices rise in Germany by 53.6% in March

The war in Ukraine, among other factors, is having an impact on the global supply of cereals and their prices, which, with regard to imports to Germany, increased by 53.6% year-on-year in March. As reported this Friday by the Federal Office Statistics (Destatis), the last time a higher variation rate was recorded was in May 2011, with an increase in import prices of 74.0%. This increase in prices in March affected all types of cereals. Thus, the price of wheat rose by 65.3%, as did barley, rye and oats; and that of corn 37.4%. However, since January last year the prices of imported cereals had already increased considerably. The increase is due to several reasons: the high world demand and the scarce supply due to bad weather conditions in important producing countries such as the United States, Canada, Australia or in South America; high fertilizer prices and rising transport and energy costs. The war in Ukraine has only intensified this situation. Thus, the prices of German ...