BAKU, Azerbaijan, May 16. The global prices for wheat and corn are expected to gradually decline over the year, Trend reports via Capital Economics, UK-based research and consulting company.
While the outlook for wheat and corn production remains positive, Capital Economics forecasts decrease in demand for these products.
The research explains that high agriculture prices will make farmers switch to cheaper substitutes for animal feed, such as rice, which will in turn affect the fall of agriculture products’ prices.
Thus, according to the forecast, wheat prices in the second quarter of 2022 will reach 1,000 cents per bushel, which is a decrease, compared to the latest index (May 13, 2022) of 1,175 cents per bushel. Further decrease is expected in the third quarter (900 cents per bushel), and in the fourth quarter of the current year (800 cents per bushel).
Meanwhile, global corn prices will proceed with decline as well, as prices will reach 700 cents per bushel in the second quarter of 2022 (compared to 814 cents per bushel as of the latest data), with further decrease to 650 cents per bushel in the third quarter, and 600 cents per bushel - in the fourth quarter of the current year.
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