See this, data today as of 6pm Philippine time, from https://tradingeconomics.com/commodities.
The reason -- low supply.
HIGHEST CORN AND SOYBEAN PRICES SINCE COMMODITY BOOM,
By Chuck Abbott 1/13/2021
Commodity prices are on the rise due to tightening global supplies and large purchases by China, the first country to rebound economically from the pandemic.
.… the USDA said U.S. stockpiles of corn and soybeans, the two most widely planted crops in the country, would shrink to their lowest levels since 2014 when this year’s crops are ready for harvest. At the same time, the average farm-gate price for corn and soybeans this marketing year would be the highest since 2013/14.
Along with wheat, corn and soybeans are the foundation of
the U.S. food supply. They are primarily used as ingredients in processed
foods, oils, and are fed to the cattle, hogs, and poultry that supply meat and
eggs for the American diet.
Agri Econ 29, Bruce Tolentino lecture at BSP, December 10, 2019
Agri Econ 30, Tractors controlled by local politicians, March 23, 2019
Agri Econ 31, Rising world rice prices, falling corn, poultry prices, May 24, 2020.
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