In its quarterly report, CoBank said grain markets are being driven by strong demand and tight stocks. Fertilizer prices rose more than 40 percent in the first quarter and are 96 percent above the lows seen in May of last year. The report said U.S. ethanol production is running near 90 percent of its pre-COVID levels. Beef demand is described as “incredibly strong” and profits were at multi-year highs for the swine industry. Trade has been hampered by logistical problems, including a lack of containers and congestion at the ports.
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