WASHINGTON, D.C. (AP) -
You could soon see food prices soar at your grocery store. And it's all because scorching temperatures and a widespread drought have damaged corn crops. The U-S Department of Agriculture says nearly 40 percent of the corn planted across the nation is in poor or very poor condition.
The bad weather, and fears that things could get worse, have forced corn futures to jump 50 percent over the past month -- to nearly eight dollars a bushel.
An Agriculture Department economist says usually, other food prices rise one percent for every 50 percent increase in corn prices. And experts expect beef, pork and poultry prices to climb the most. That's because farmers feed mainly corn to their chickens, cattle and pigs.
An executive with the National Cattlemen's Beef Association says prices won't soar overnight, though. He says consumers will likely see a trickle down effect toward the end of the year.