Farmers in the US are expected to plant significantly fewer corn crops than last year, pushing the price up to a record high of $6 a bushel, the US Department of Agriculture (USDA) warned last week.
The news indicates even more pressure on food manufacturers, many of whom are struggling to stave off margin deterioration amidst higher prices for commodities and input materials.
The USDA report claims that farmers are turning to soybeans, a much more lucrative crop than corn. Soybean acreage will this year increase 18 percent to 74.8m acres, the organisation said.
US farmers in 2008: less corn, more soybean
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