International grain prices are expected to rise further in the third quarter of this year.
The Agricultural Observation Center of the Korea Rural Economic Research Institute predicted that the grain import unit index in the third quarter of this year would be 184.8 for food and 178.4 for feed, up 13.4% and 12.5% from the second quarter, respectively, through the 'International Grain July Issue' report.
The grain import price index is a comparison of the 2015 level at 100 to indicate the main grain price level.
The reason grain import prices are rising is that shipments from March to June, when international grain prices peaked after the Ukrainian war, enter Korea in the third quarter.
The recent sharp rise in the exchange rate also affected the forecast.
By item, the unit price of wheat for milling last month was $453 per ton, up 42.0% from the same month last year, while edible corn rose 36.0% to $412 per ton, and soybean (for oil) rose 33.2% to $670 per ton, respectively. .
During the same period, the import price of wheat and corn for feed also increased by 24.2% and 47.8%, respectively.
When the price of imported grains rises, domestic livestock farmers and the food and restaurant industry that use it are also expected to experience price rise pressure.
However, as the futures price index, which indicates the current market price of international grains, is expected to decline in the third quarter, the unit price of imports is also expected to decrease from the fourth quarter.