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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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