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“Which is bringing prices down to the lowest level we’ve had in a few years,” to about $13 a bushel, said Scott Gerlt with the American Soybean Association. To explain this, let’s look at soybeans. Last June, prices surged to a record $17.69 a bushel. Since then, farming has been getting back on track in Eastern Europe. So if the raw ingredients that go into the food we buy are getting cheaper, how come prices at the grocery store are so stubbornly high and climbing? farmers are down 2.2% over last year, according to the Department of Agriculture’s commodity price index.
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Since then, supplies of many of those commodities have recovered, and prices have eased. This time last year, prices for agricultural commodities - think wheat, corn, soybeans and oil seeds - were sky-high, due primarily to Russia’s war in Ukraine taking a lot of productive farmland out of the equation.
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