Surprise! Another hit to the corn supply means higher prices at the grocery store for us. Last week’s storms have flooded fields in Iowa, Illinois, and Indiana where a big chunk of the nation’s corn is grown.
“The crop is in serious trouble,” said Jim Stephens, president of Farmers National Commodities Inc. in Omaha, Nebraska, who helps manage more than 3,600 farms across the Midwest. He said corn will top $8 a bushel this year.
The weather is endangering a U.S. crop already expected by the USDA to decline from last year’s record harvest after farmers planted 8.1 percent fewer acres. Global inventories may fall to the lowest levels in 24 years by Aug. 31, the USDA said. Read the rest of this entry »
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