Bangladesh corn prices soar to a six-year high

Corn prices in Bangladesh are seeing a six-year high despite expectations of a good harvest this year. The USDA forecasts Bangladesh’s corn production at 5.25mt for marketing year 2022/2023, up from 5.1mt in 2021/2022. Nonetheless, wholesale and retail prices have risen by 31% and 17%, respectively. Higher international prices, growing demand from the feed industry, and supply disruptions due to the Russia-Ukraine war are driving a bullish market. However, the USDA expects prices to soften come harvest time this month.