Please give me a short reply to this post and add some reference.

The article I chose is called "How supply, demand shifts impact grain prices now." It begins by describing how the price of grain changes based on the available supply and the intensity of demand. The equilibrium price is determined when the quantity of goods is equal to the demand for those goods. When it comes to grains on the supply side there are crop scouts that work to determine the how large the supply of corn and soybean will be yielded from this year's crop. However, there are significant challenges to determining the quantity yielded due to record breaking temperatures and the drought. In regard to the demand side there is a diminished percent of demand for soybeans, corn, and wheat. Tragic weather has caused a significant blow to countries, such as China, who are nearly self-sufficient on rice because the floods have damaged parts of their grain-producing regions. This has caused China to begin importing large amounts of corn to meet the demands of their citizens. In India they have banned the export of non-basmati white rice because there have been limited production which has resulted in raised retail prices of rice. These production limits have resulted in negotiations with Russia to import wheat into India in effort to drive prices down. This could lead to an opening for U.S. wheat exports. The U.S. is currently losing in the competitive space for soybean and corn sales to South America because of the lower price as compared to the U.S., however this is likely to turn around as grain prices in the U.S. are predicted to decrease with harvest season coming. There is also a potential export opportunity for the U.S. in Ukraine because they have experienced diminished grain production because the war ongoing there. This information is impactful to Americans because based on the export demands of the world and the available supply from this year's harvest the price of grain in the country will be determined. If there is a small crop but overestimated demand prices will still work on the lower side, similarly to if the supply is larger than the estimated demand. If the supply truly is smaller and demand expectations are high than it is expected that grain prices will be on the higher side.

Reflection: This assignment was very informative on the connection between supply and demand. The article I found was actually very informative on how the levels of supply and demand across the world impact the prices within our country. It was very enlightening to see how weather can have such an incredible impact on the price of goods throughout the world, even if only one region of one country is physically effected. What I learned from this assignment is easily applied in my everyday life because it allows me to understand why products and goods fluctuate in price.