With the second largest corn crop in almost 70 years, the U. S. Agriculture Department says that this year's corn crop will be 92.3 million acres. Not that all the corn planted is going to be harvested. According to an analyst with Northstar Commodity in Minneapolis, Jason Ward,
Many farmers planted during wet weather because they knew they could get the crops insured. They have no intention of harvesting them.
A large corn harvest in August could slow food inflation, although it takes six months for changes in commodity prices to affect retail food prices. This translates to some relief in the checkout lines by early 2012.
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