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2012 Drought Affecting 2013 Food Prices

2013-01-30 22:58:00| Corn & Soybean Digest

A USDA economist says the persistent drought in the Midwest will lead to higher-than-normal food price inflation for the rest of the year. Ricky Volpe, USDA Economic Research Service, says, "It had substantial and devastating impacts on the major field crops of the American Midwest. The most important field crop there is field corn. Now, people dont eat field corn directly, but its processed into animal feed and thats a major input to the U.S. food supply chain so were seeing input costs rise for all the meat products and then all of these animal based products that consumers buy regularly. Were looking at inflation on the order of about three to four percent for beef and veal, pork, poultry, eggs and even a little bit higher for dairy. LimelightPlayerUtil.initEmbed("limelight_player_452471"); read more

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