Food price increases resulting from the Midwest drought that ravaged crops might not be as steep...
Wednesday, August 1, 2012, 1:40 PM ETFood price increases resulting from the Midwest drought that ravaged crops might not be as steep as some expect, according to some analysis. Fruit and vegetables crops are relatively stable due to irrigation, while corn ingredients typically only make up a a small portion of many common packaged food items. For the time being beef and milk prices could actually dip as farmers sell off cattle that they can't feed effectively, though next year consumers could take the hit when the dwindling number of cattle directly affects beef and dairy prices.
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