From The Daily Crux:
A rare combination of U.S. weather extremes -- drought in the wheat-growing south and floods in the Midwestern corn belt -- could cause a serious shortage of grains this summer... which would push soaring food costs even higher.
Farmers won't know how serious the problems are for a couple months, so price increases are unlikely before July. But because corn and wheat are used to produce so many food products -- like flour, corn syrup, oil, cereals, and meat -- any price increases could mean a big bump in your total grocery bill.
Fortunately, it's early... so there's still a chance the weather could improve and supplies won't be as depressed as expected.
Read full article...
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View the original article here
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