In A Surprise Move, The USDA Just Lowered Its Harvest Outlook For 2011

Posted By on August 11, 2011

The USDA (United States Department of Agriculture) just threw a wrench into any chance of lower food prices as U.S. corn reserves (as of August 2012) are expected to be at the lowest levels since the mid-1990’s. 

 

One thing is for sure….more inflation is coming to a store near you!  Wells Fargo says to expect food prices to rise between 3.5% and 4.5% next year.  That’s if there are no unusual negative surprises.

New federal forecasts show U.S. farmers will harvest dramatically less grain and soybeans than expected this year, failing to ease high prices and rebuild low global supplies. 

U.S. corn reserves (as of August 2012) are expected to be at the lowest levels since the mid-1990’s. 

Wells Fargo & Co., said it expects retail food prices to climb 3.5% to 4.5% in 2012. The federal government’s consumer-price index for all food was up 3.7% over the 12 months ended in June, while prices in grocery stores were up 4.7%.

And Cotton…….

According to the USDA, a drought across the Southwest U.S. forced farmers to abandon 30% of their cotton acres. In Texas, which just recorded its hottest and second-driest July on record, dairy farmers are being forced to buy high-priced Midwest corn harvested last year because their own fields have shriveled up.

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