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ST. LOUIS — Food prices could rise more slowly next year because farmers have a bigger surplus of corn on hand than previously thought.
The Department of Agriculture estimated Wednesday that farmers have 206 million more bushels of surplus corn on hand at the start of this year’s harvest. That means farmers will have 866 million bushels of corn on hand at the end of next summer, which is higher than last month’s forecast of 672 million bushels. The USDA also increased its estimate of next year’s wheat surplus by 10 percent to 837 million bushels.
Corn is an ingredient in everything from animal feed to cereal to soft drinks. So cheaper corn could ease broader food prices. The Associated Press
