Food Prices Increasing Because of Drought
COLUMBIA - MU food experts said Monday food prices have increased as a result of crops withering away in the triple-digit heat.
"Corn, wheat and soybean prices will be the most immediately affected," professor of Agricultural and Applied Economics at MU Ronald Plain said. "In fact, prices of these crops have already increased because the quantity and quality are so low."
Plain said the prices of beef, chicken and pork will increase as well in the coming year. This is because the price of feed for livestock will climb since corn is one of its primary ingredients.
Last week the U.S. Department of Agriculture reduced its projected national average yield for corn for the year by 30 percent.
"On average farmers will get about 180 bushels per acre. Already the USDA is saying the most farmers will get could be 140 bushels, but that's pushing it. I'm sure it will go down even more if we don't get rain sometime soon."
The USDA has reduced the projected production of corn down to 13.0 billion bushels, compared to the 14.8 billion bushels it projected in June.