Demand For Corn Outstrips Supply, Hikes Prices
RENEE MONTAGNE, host:
NPR's business news starts with higher corn prices.
(Soundbite of music)
MONTAGNE: It's a case of demand outstripping supply. Corn prices have been rising, and a report from Bloomberg today says global corn stockpiles are down to lows not seen since 1974. Despite good harvests, consumers around the world are demanding more corn for food, fuel and to feed livestock.
China is a major factor. Demand there has risen nearly 50 percent from a decade ago. Worries about supply are also driving up prices, prompting traders to pay more.
The Wall Street Journal quotes one farmer who's holding off on selling his corn in the hopes that prices will rise even higher.
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