Farmers in Mid-Atlantic Region watching corn prices closely
Farmers in the Mid-Atlantic region are watching corn prices closely this spring. Local prices for #2 yellow corn are the highest since August of 2012 and exceeded $8.00 per bushel in early May. Over the past six months, corn prices have nearly doubled.
Analysts say high corn prices may lead to an overall spike in retail food prices, as more than 70% of processed foods in the United States either contain corn as an ingredient or were produced with corn as a feed-stock. Restaurants and grocery stores are expected to absorb initial rises in food prices, but consumers may expect higher prices in late summer or early fall.
Corn is considered a "foundation" ingredient in the United States. Tests at the University of California Berkeley found 69% of the carbon in a strand of hair came from corn.