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MachineFinder News

Large corn crop could ease inflation of food

Friday, July 8, 2011

The price of corn has risen to $637.00 per bushel due to the reports, an increase of 3.49 percent.
The price of corn has risen to $637.00 per bushel due to the reports, an increase of 3.49 percent.

The U.S. economy has suffered over the past several years due to low levels of employment and increasing debt. Agriculture and the farming industry have not been immune to the recession, but the current planting season may provide a boost to the sector. 

U.S. Department of Agriculture figures for 2011 show that the projected size of this year's corn crop may reach 92.3 million acres, which would mark a 9 percent gain in the annual average increase for the past 10 years, according to The Associated Press.

Though the amount of acreage for the crop has increased in the past year, the reserves for corn had been at low levels that had not been reached since 1995, the news source reported.

"All of us who perceived tighter (corn) supplies up to this point, all of us were proven wrong today," Jason Ward, an analyst with Northstar Commodity in Minneapolis, told The AP.

The price of corn has risen to $637.00 per bushel due to the reports, an increase of 3.49 percent, according to CNN.

Part of the reason for the increased number of crops that have been harvested may be the use of more effective agricultural equipment.  

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