The drought in Brazil, the country which exports almost half of the world's sugar, caused prices of the grain on the international market to rise to $444 a ton.
The drought in Brazil led to an increase in the international price of sugar. The South American country exports almost half of the grain in the world.
The lack of rain also caused an increase in the international price of coffee.
The key to the global soybean market is China, which consumes 60% of world exports, and it is very likely to continue growing.
An article by Bloomberg News reports that "soybean purchases by China, which buys more than 60% of global exports, are heading towards depleting North American reserves and reducing the amount available to importers in Southeast Asia, said the American Soybean Association, ASA"
Two months of severe drought in the United States, the world's largest producer of soybeans and corn, has raised prices to record highs.
Yesterday, August 21, soybean prices opened at a record high: a bushel for November delivery, the current benchmark contract, now costs up to $17.26 per bushel (about 25 kg).
The situation is similar with corn, which approached $8.38 in session.
The rising price of its main raw material has decreased profit margins of companies in the food industry, who are looking for alternative suppliers and using future hedge purchases.
Representatives of several companies in the food industry in Costa Rica noted that the escalating prices of wheat, corn and soybeans, the main raw material, are added to the U.S., the largest supplier of grains in the country, facing its worst drought,.
The prices of products derived from these grains have gone up, with supply having been severely affected by the worst drought in the U.S. in the last 25 years.
An article in Nacion.com reports on the rapid changes that the international price of soybeans, corn and wheat have suffered in the last month:
"Corn went from $572.88 per metric ton, on 24 June, to $814.30 a ton at the close of yesterday on the U.S.
The increase in the price of local milled rice in 2011, has boosted imports.
According to the Ministry of Agriculture and Livestock (MAG) as of September 2011 a total of 17,000 metric tons had been imported. "In the next three months of this year, imports could have tripled the 62,000 metric tons of 2010", reported Elfinancierocr.com
In the country it is the Ministry of Economy that establishes the price of rice, by decree, a measure that has been questioned by the World Trade Organization, who argues that more subsidies are being granted than allowed.