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Grain & Food Prices Soar - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

Grain & Food Prices Soar

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  The latest crop report, has some good news and bad news for all of us.

  The wheat crops around the valley ranged from terrible to terrific.

  However, ag specialists say the majority of the corn and soybean crops in our area are in good shape, at least in areas where they received timely rains. But, drought conditions across other areas of the nation pushed corn prices to all time highs today. The price of soybeans had already hit an all time high.

  Experts say it's all because the latest crop report shows lower production of corn and soybeans nationwide this year.

Bob Lebacken: "These numbers may come down in the next crop report or when the harvest actually comes in. So, yes. There is room for the market to go higher and it will lead to higher food prices."

  Statistics show that global food prices jumped a whooping 6-percent, just last month. That has some economists forecasting a possible repeat of the 2007-2008 growing season, when a global shortage of food sparked volatile swings in food and commodity prices.

 

 

 

 

 

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