Commodities to break recordAccording to the country's Bureau of Resources and Energy Economics, commodity export volumes are expected to increase drastically in the next year in Australia, reaching a record $209 billion.

Despite the volatility of the market and the increase in some commodity prices, export volumes will climb significantly, with exports of iron ore expected to increase 9 percent from last year and aluminum, nickel and zinc also being expected to experience jumps, the Herald Sun reported.

"High prices for many base metals in the preceding few years provided incentives for producers to mine progressively lower grade ores and deposits that are technically more difficult to mine," stated an official from the Bureau of Resources and Energy Economics, according to the Herald Sun. "If prices continue to fall, the higher extraction and refining costs will cause a number of mines to become unprofitable and shut down. This in turn will lead to a reduction in supply, which will provide some support for commodity prices."

In the United States, the price of one commodity - corn - is rising. The country is now dealing with a shortage of corn, following stifling weather conditions, making supply an issue for farmers in the Midwest region of the country and forcing them to explore cost savings methods.
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