Corn prices highest in nearly eight years

Corn prices highest in nearly eight years

(ABC/CNN) - Corn and other grain commodities have jumped to their highest price in nearly eight years.

According to the Food and Agriculture Organization, the price of grains such as wheat, soybeans, and corn has risen to its highest level since 2013. Reasons for this increase in price include bad weather, a weakening US currency, market speculators, and rising grain demand from China and other importing nations.

Farmers may already be feeling this price increase, and retailers and consumers may notice the rise in prices later this summer.

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