Since Tuesday, the giant ship O’Gyuan has been stranded on the Suez Canal, disrupting the movement of merchant ships. It has become a factor in increasing the price of such products in global markets.
Today, the price of corn used for livestock and poultry feed increased by $ 6, and each bushel of this product was traded at $ 552 and 50 cents.
The price of wheat, as the most important commodity in the world and effective in food security, did not lag behind this price increase, and each bushel increased by 75 cents to $ 613 and 25 cents.
Other products such as cocoa, coffee, sugar, cotton, orange juice, ethanol, livestock and fattening also experienced price increases.
Authorized sources said yesterday that the reopening of the Suez Canal would probably take several weeks, and experts analyzed that a weekly delay in shipments of $ 5 billion to $ 10 billion would hurt global trade.
Today, the Deutsche Welle news agency quoted the owner of the Over Gion ship as saying that the Suez Canal route will be reopened in a few hours and the Over Gion ship will float in the water again.
Iran is more than 70% dependent on imports for livestock and poultry feed. Any increase in prices in world markets will cause more currency to leave the country and will increase prices domestically. This strong dependence on livestock and poultry feed has caused severe fluctuations in protein products within each other, and despite the abundance of such products, the price in the domestic market is volatile and very expensive.