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Cape Town - Food prices could rise sharply as maize and soya bean prices hit record highs in the US on Thursday, the Financial Times reported.
The prices surged following a shortage of crops amid the worst US drought in 50 years. The global demand could put pressure on food prices. Benchmark maize hit a record R65.65 a bushel, surpassing R65.20 for the first time.
Meanwhile, benchmark soya beans also hit high at R139.49. The two staple crops price surpassed the peaks of the 2007/08 food crisis. Earlier this month, Grain SA predicted a reduced maize surplus because of poor rains.
The agricultural body's chief executive Jannie de Villiers said: "Last year we had a super year as rains were great, but this year is a bit dry." This could lead to rising food prices.
The country's maize surplus would be a million tonnes - a quarter of that of last year.
*Follow Fin24's Google+, Twitter and Facebook pages to find out the latest news on food prices.
The prices surged following a shortage of crops amid the worst US drought in 50 years. The global demand could put pressure on food prices. Benchmark maize hit a record R65.65 a bushel, surpassing R65.20 for the first time.
Meanwhile, benchmark soya beans also hit high at R139.49. The two staple crops price surpassed the peaks of the 2007/08 food crisis. Earlier this month, Grain SA predicted a reduced maize surplus because of poor rains.
The agricultural body's chief executive Jannie de Villiers said: "Last year we had a super year as rains were great, but this year is a bit dry." This could lead to rising food prices.
The country's maize surplus would be a million tonnes - a quarter of that of last year.
*Follow Fin24's Google+, Twitter and Facebook pages to find out the latest news on food prices.
