Russian attack on Odessa causes the US grain market to fluctuate, red light in the feed ingredient market

Following Russia's cancellation of the Black Sea Grain Agreement, a intensive attack on Odessa, Ukraine's grain export hub, put a red light on the feed raw material market. On the 24th, the Chicago Mercantile Exchange corn futures price closed at $568 per bushel, up nearly 6% from the previous day. As a result, the weekly corn spot price also rose, and the corn price, which was showing a downward trend, turned to an upward trend. The problem is that it is impossible to predict how long this upward trend in international grain prices will continue as uncertainties surrounding grain exports from Ukraine continue. An official in the feed industry said, “There was a factor in reducing the price of feed raw materials for arrivals in October, so there was a situation in which a price reduction for formulated feed was being discussed. Following the breach of the agreement, the international grain market is fluctuating due to growing ...