The average price of corn globally fell by 20.7 per cent in 2023.
The latest Economic and Social Survey, released by the Planning Institute of Jamaica (PIOJ) says the total cost of maize was an average US$252.66 per tonne.
This decline was likely linked to a larger harvest than projected in the USA, the world's largest producer and exporter of corn.
This excess production led to greater supply, and as a result there was a strain on storage capacity.
There was also knock on impact on the cost of animal feed which consequently declined.
The PIOJ says this caused reductions in operating costs, as well as an increase in the production and supply of chicken, which also filtered into the local economy
The report says poultry prices fell by an average 54.3 per cent in 2023.
All feeds
