Corn estimated at 848 million bushels
An expected small 2012 U.S. corn surplus of 848 million bushels will likely keep food prices high, according to reports. Prices increased by 4.5% in 2011 and are forecast to rise by as much as 3.5% in 2012, according to the U.S. Department of Agriculture.
The estimated corn surplus will satisfy demand for fewer than 25 days — 30 days is considered a healthy supply. The U.S. soybean surplus is predicted to come in at 230 million bushels, a 28 day supply.