Farmers are expected to plant less corn this year, meaning that rising prices could only go higher, reports Mary Clare Jalonick for the Associated Press. The effects of less corn to go around will hurt more than just grocery bills: high prices also hit poultry, beef and pork companies, which use corn to feed their animals.
This year, 86 million acres of corn are expect to be planted, down 8% from last year. Corn planting will still remain at historically high levels, but may go down slightly this year because it’s expensive to grow and prices are better for other crops, such as soybeans. In fact, soybean planting is expected to rise by 18% this year.
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The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.