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Headlines may have forgotten about the war in Ukraine, but corn and soybean prices have not, according to StoneX Group Senior Commodities Economist Mike Castle.
Prices for both corn and soybeans began rising in July primarily as a result of the escalating conflict between Russia and Ukraine. Though both countries avoided hitting vessels in the Black Sea earlier in the conflict, Castle noted that more than 200 vessels have been struck since early July. Russia has also begun attacking highways, bridges and rail lines that have provided Ukraine with alternative routes for shipping grain, Castle said.
