DES MOINES, Iowa (AP) - Expect high corn prices to drive up some
food prices this year.
The government says farmers will harvest nearly 9 percent fewer
acres of corn this year than last, in part because Midwest flooding
has damaged a portion of the crop.
An agriculture economist with Iowa State University says the
USDA report shows that farmers planted more corn than they had
anticipated but that some of it was washed away in the floods.
The report says spring rainfall totaled 20 inches or more from
eastern Oklahoma into the lower Ohio Valley, disrupting planting
and other spring field work. It says unfavorable wetness also
hampered soybean planting efforts.
Corn futures jumped from $6 a bushel in early June to $7.55 for
the July contract on Friday.