USDA cuts crops forecast for soybean, wheat, corn

Aug. 11, 2011 12:20 PM PT

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Food prices will likely remain high next year as U.S. farmers produce smaller corn, soybean and wheat crops than expected.

Volatile weather is to blame for the tight supply of key crops used for animal feed and supermarket staples, according to the U.S. Department of Agriculture.

Heavy rains and flooding in the spring delayed the planting schedule. In May, just half of the acres set aside for soybeans were planted. Then, triple-digit temperatures and dryness last month left fields parched.

The agriculture agency forecasts that farmers will grown 3 billion bushels of soybeans this year and next, 5.2% less than previously expected. The corn harvest is 4.1% slimmer than anticipated with 12.9 billion bushels. The wheat prognosis is for 2 billion bushes -– a 1.4% slip.

Urban dwellers, far from fields, harvest millions in federal farm subsidies

-- Tiffany Hsu

Money & Company

Tiffany Hsu

Tiffany Hsu is a former staff writer for the Los Angeles Times. Previously, she wrote about the California economy, fast food, restaurants, retail and alternative energy for the Business section. A Bay Area native, UC Berkeley graduate and eternal Nor-Cal fan, she once worked for the San Francisco Bay Guardian. She also did a stint at the Richmond Times-Dispatch, where she developed a passion for sweet tea. She still has faith that someday she’ll find two economists who agree.