Smaller corn surplus could push food prices higher

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WASHINGTON (AP) — Food prices could rise next year because an

unseasonably hot summer is expected to damage much of this year’s

corn crop.

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The U.S. Department of Agriculture estimates a surplus of 672

million bushels of corn will be left over at the end of next

summer. The estimated surplus is down from last month’s forecast

and well below levels that are considered healthy.

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This spring, farmers planted the second-largest crop since World

War II. But high temperatures stunted the plants.

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Corn prices soared to record levels earlier this year because of

limited supplies. More expensive corn drives food prices higher

because corn is an ingredient in everything from animal feed to

cereal to soft drinks. It takes about six months for corn prices to

trickle down to products at the grocery store.

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