U.S. Drought Threatens Korea's Food Prices
The worst U.S. drought in decades has caused wheat and corn prices to soar worldwide.
This is bad news for Korea as the U.S. supplies the vast majority of Korea’s total wheat and corn demand.
As of last Thursday, corn futures stood at nearly eight U.S. dollars a bushel on the Chicago Board of Trade, up over SEVENTEEN-percent compared to the year before.
Wheat futures spiked by over THIRTY percent to almost nine dollars a bushel in the same period.
Korea's food ministry warns that this year's upsurge in food prices may be similar to that of 2008, but the impact could be bigger this time.
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