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Feb. 25, 2011MARYVILLE, MO | By: Wayman
The US Department of Agriculture says reserves of corn have hit their lowest levels in more than 15 years.
That's expected to drive grocery costs higher. The USDA says demand for corn in the ethanol industry is up 50 million bushels after record-high production in December and last month. That's left the US with the lowest surplus of corn since 1996. Analysts say this means not only grocery prices will be higher this year, but ethanol and feed for livestock as well. Corn prices have already doubled in the last 6 months, rising from $3.50 a bushel to more than $7 a bushel.