Monday, May 23, 2022 / 5:24 PM / Kainosedge Consulting for AFEX Commodities Exchange / Header Image Credit:  EcoGraphics

Due to drought and an increase in food prices, many European nations have imposed bans on the export of wheat and palm oil.

Prices of maize, soybean, paddy rice, and cashew gained W-o-W while the prices of all commodities except cashew and soybean fell W-o-W in the open market. Furthermore, soybean, paddy rice, cocoa, and ginger gained 2.04%, 0.38%, 0.04%, and 7.42% respectively in the international market W-o-W.

There is an expectation that there will be a further rise in prices and this would impact the global economic growth negatively.