USDA Says Corn Supplies Fall, Driving Up Prices

By: AP
By: AP

(AP)- The U.S. Department of Agriculture says corn supplies are down 8 percent from a year earlier, increasing concerns that corn supplies will remain tight and prices high in the near term.

The price of corn surged about 6.6 percent on Friday after the report was released. High crop prices have been a thorn in the side of consumers and governments for the past two years. Corn is used in everything from animal feed to syrup for soda.

The USDA said corn supplies as of March 1 totaled 6.01 billion bushels, about half of which is stored on farms.

The report and the possible impact on food prices overshadowed another report by the USDA released Friday, which projects that corn growers would plant the largest crop since 1937.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:

Read Comments

Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Well.... on Mar 31, 2012 at 12:39 PM
    this will only hurt gas prices with the government still imposing mandatory ethanol added to fuel. THANKS A LOT!
KKTV 520 E. Colorado Colorado Springs, CO 80903 Office: (719) 634-2844 Fax: (719) 632-0808 News Fax: (719) 634-3741
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 145183085 - kktv.com/a?a=145183085
Gray Television, Inc.