Food inflation across the globe

Another down day in corn where it lost 9 cents with soybeans joining in to drop 12 cents. Crude oil was off over 3.5% yesterday and put pressure on the grains. Global food prices hit a 10-year high in October according to the Food and Agricultural Organization. Wheat prices and global vegetable oil prices have been deemed the main culprits for these levels. While there have been some crop failures driving these prices but logistical problems in processing and transportation have been big issues as well. Dry bulk commodity freight prices have dropped 8% to a 3-month low so maybe some supply kinks are getting straightened out. Weekly export sale were better than expected across the board. The rebound in crude oil market will bring support to the corn and possibly the soybean market. NFC Grain Comments 11.4.21 (1)