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April 5, 2011
The U.S. Department of Agriculture reported last month that global demand for food has pushed "U.S. corn supplies to its lowest point in 15 years," doubling its price. The price of corn impacts many other food products in local supermarkets. Corn is used as feed for livestock, and can affect the price of beef, chicken, and pork. Since the life of a chicken is so short, chicken prices absorb price changes more quickly. It could take up to two years before consumers start paying more for animals with longer life spans, like hogs and cattle. Corn is also the primary ingredient in corn syrup, a popular sweetener, so products like Cap'n Crunch, Pepsi, and Coke will also be affected
Global demand for food, as well as supply chain issues are raising food prices across the board. Corn prices in Vietnam have risen 11 percent after plant protection authorities rejected 50,000 tons of Indian corn and soy meal that was found infected with insects. Industry officials detained the cargo from India. Bad weather in the United States Great Plains region have hurt winter wheat crops. Contracts for March delivery of wheat and corn both went up 3.7 percent each.
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