US oat prices rise to record highs due to drought

US oat prices rose to record highs amid drought in key crop growing regions, including North Dakota and the Canadian provinces. The cost of oats on the basis of trading on the CBOT on Friday rose by 3.9% to $ 6.6 per bushel ($ 454.7 per ton), which is more than double its price a year earlier. Over the past three months, oats have risen in price by 54% due to low yields in the United States. At this time of year, prices tend to come down as new crops hit the market, say analysts at analyst firm Gro Intelligence. However, in 2021, according to the US Department of Agriculture, American farmers reduced their oat plantings by about 13% amid rising prices for other crops, including wheat and corn. As a result of reduced crops, as well as dry weather, the oat harvest in the United States this year may turn out to be a record low, the Ministry of Agriculture predicts. Rising prices for oats, as well as other types of crops, will lead to an increase in the cost of food and beverages, ...