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War Russia-Ukraine, Coldiretti: “Alarm for Italy, forced to import corn for half of its needs”
The price of the corn gives wings to the Chicago commodity exchange, up by 2.2%in the wake of fears of scarcity resulting from the war in Ukraine and sanctions on Russia, major exporting countries. The corn futures are thus trading $ 8.0075 per bushel and are now exceeding the 8 dollars which hadn’t touched since 2012 when it reached an all-time high of $ 8.49. As the press agency points out Bloomberg despite the growing demand for the US product, even from the Chinathe rise in fertilizer prices is prompting American farmers to replace the corn with the soy which requires less.
Meanwhile, the increase of corn prices pushes Italy into a state of alarm: the country is forced to import about half of its needs (47%) for a quantity of over 6 million tons necessary for feeding animals on farms, where revenues for milk and meat they can no longer cover the costs. The photograph is taken directly from the Coldiretti.
Italian breeders, he points out Coldiretti, in fact, they already have to face cost increases equal to 57% according to the Crea which highlights the concrete risk of closure for a good part of the Italian farms that are forced to work with barn prices below production costs. Moreover, the national deficit will not be filled with spring sowing in Italy with an estimated increase in production concerning soybeans (+ 16%), sunflowers (+ 5%) and only marginally corn (+ 1%) on the basis of Coldiretti’s analysis on the latest “Short term outlook” of the EU Commission which also highlights that overall Europe as a whole produces 93% of the corn it needs. The main suppliers of corn of Italy, in addition to Ukraine (770 thousand tons), are Slovenia 13% (780 thousand tons) and Hungary 30% (1.85 million tons) against which the European Commission has recently ruled to avoid protectionist measures to the detriment of the European internal market
“Hungary was in fact sent with a letter signed by the EU Commissioners for Agriculture and the Internal Market,” reports the Coldiretti, to withdraw a decree declared of “dubious conformity” and in violation of the agreement on agriculture of the WTO which introduced limits on exports to the detriment of deficit countries such as Italy. “Italy is forced to import agricultural raw materials due to the low remuneration paid to farmers who had to reduce the national production of corn in the last 10 years “, affirms the president of Coldiretti Ettore Prandini in underlining the importance of intervening to contain the expensive energy and production costs with immediate measures to save companies and stables and structural measures to plan for the future.
Meanwhile, the price of crude oil on the American market: the Brent it moves above 113 dollars a barrel to 113.16 usd (+ 1.32%) while the WTI is at 107.35 dollars (+ 0.91%). The price tensions today were generated by the news coming from the Libya. Libyan state oil company National Oil (NOC) has warned of a “painful wave of closures” of the oil field. Al-Shararadue to a blockade of exports from the oil port of Zueitina caused by a series of protests.
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