Recent farm and agriculture data showed the cost of food will continue to soar this year.
The United States Department of Agriculture released its “Prospective Plantings” report today.Â There will be an increase in wheat and corn with a slight decrease in soybeans.
The US is the leading exporter of corn, soybeans, and wheat in the world.Â The planting of corn rose the most allowed by the Chicago Board of Trade.Â With the latest government forecasts on acreage and supplies, concerns are increasing about food costs.
Business Week reports the USDA farm and agriculture data revealed corn stockpiles went down to 6.52 billion bushels at the beginning of March. The prices of corn, rice, wheat, and soybeans have soared the highest since 2008.
Last month, global food costs reached a record high according to the United Nations index.Â While the rich get richer, the hungry get hungrier.
Hussein Allidina, head of commodity research at Morgan Stanley in NY, said, “WhatÂ’s unique about 2011, unlike 2008, is that corn and soybeans are equally tight, cotton is tight, and wheat isnÂ’t comfortable either.Â The takeaway is that prices are not high enough to ration demand.”
With a hint of spring showers and sunshine, it sounds like a good time to start a garden.Â Whether it’s in the backyard or on a windowsill, every little bit matters.