Corn Prices Reach Record High Amid Russia-Ukraine Conflict

Against the backdrop of the conflict in Ukraine, corn prices have reached record highs, exceeding $8 per bushel for the first time in nearly a decade. The price surge has been attributed to military operations in Ukraine that threaten to disrupt supplies and increase demand for grain from the U.S., reports Bloomberg.

The conflict in Ukraine has disturbed the supply chain in a region that accounts for one-fifth of global agricultural exports. Russia's actions may also disrupt the harvesting campaign in Ukraine, significantly reducing supply.

Corn prices had not risen to $8 since September 2012, when a devastating drought and heat destroyed crops in the U.S. Midwest. Futures are approaching an all-time high of $8.49 per bushel.