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.
- For a waitress, sexual harassment is an...
- Utah improves score in national rankings on...
- What you need to know about massive air bag...
- Lehi-based Vivint debuts innovation facility
- HealthCare.gov's EZ form not for legal...
- Support for statewide nondiscrimination law...
- Britain protests EU demand for additional...
- Customer decline hits McDonald's sales, profit
- Support for statewide nondiscrimination... 19
- For a waitress, sexual harassment is an... 8
- Customer decline hits McDonald's sales,... 4
- Egg freezing is now a perk of the... 4
- Lower gas prices could mean economic... 3
- Survey: Harassment a common part of... 2
- Q&A: Journalist Dan Rather speaks on... 2
- EPA: Gas mileage inflated on 4 Mini... 1