Rising corn prices could result in higher prices at restaurants, according to Bloomberg.
Corn prices have risen to $7.13 a bushel, a nine-month high, on the Chicago Board of Trade on Thursday, according to Bloomberg. The price for the commodity has jumped 37 percent since June 15, as droughts in the Midwest damage crops and scarcity of water show no sign of being reversed.
"Corn is king, and corn is a commodity that drives every other commodity," Alice LeBlanc, chief global supply chain officer at Popeye's, owned by AFC Enterprises Inc., told Bloomberg. "Unless we get some precipitation across the corn belt, the corn prices will stay high."
Rising corn prices could result in higher meat costs at places like McDonald's, according to the article. Coca-Cola Co. and General Mills Inc. could see higher sweetener and corn prices, straining business, with consumer sentiment at a six-month low.
Corn is the biggest crop in the U.S. and was worth $76.5 billion in 2011, according to the article. It's the primary ingredient in feed for chicken, cattle and hog.
- System failure to blame for delayed Saturday...
- 5 trends beneath the surface of Nov. jobs report
- Weber State center helping to improve auto...
- 3,000 Workforce Services clients may be...
- Walmart's 20 best-selling Black Friday items
- Sugar House streetcar prepares for public launch
- Jobless claims drop to near 6-year low
- Cedar Hills to require business licenses for...
- Fast-food strikes return amid push for... 31
- Obama declares health care law is... 21
- Intermountain Healthcare offering... 15
- Jobless claims drop to near 6-year low 10
- Obama to feds: Boost renewable power 20... 6
- DeseretNews.com reaches page view... 4
- Cedar Hills to require business... 4
- Collecting online sales tax puts Utah... 3