Dwindling global inventories send corn prices surging  Skryocketing food prices are being fueled by rising demand and dwindling stockpiles, and this is especially true with corn, according to a published report.

Bloomberg reports that wet weather that delayed corn planting in the U.S., which is the world's biggest exporter, could send inventories across the world to their lowest levels in nearly 40 years. Suppliers simply cannot keep up with demand, industry analysts assert, and that will likely translate into higher costs for consumers and livestock producers as the year goes on.

In the Midwest, more than 30 percent of the region's fields were planted after the mid-May target for optimal growth because of excessive rains, according to the news source. In fact, Ohio farmers reported that they are the furthest behind in their planting since 1989, with only 58 percent sown, government data indicates.

Corn prices have more than doubled over the past year on the supply constraints, and prices could continue to surge, R.J. O'Brien vice president of research Richard Feltes affirmed.

"There's potential to take out record highs this summer for corn," Feltes said. "There's a lot riding on the need for our weather to normalize and not be characterized by this regime of extremes that’s really been the pattern since last fall."

On the Chicago Board of Trade on Wednesday, corn futures for July delivery shot up 3 percent to settle at $7.59 per bushel.
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