If you are a fan of tortillas or cornbread, some of your favorite corn-based dishes may be more expensive this summer.
Corn has recently been the leading rally among grain commodities, rising more than 30% in 2021. Retailers are now expected to absorb the initial increase but consumers may notice the rise in prices later this summer. According to Ed Moya, senior market analyst at OANDA, stated "If it grows in soil, chances are prices are skyrocketing. Corn, wheat, soybeans and even lumber prices are surging higher, and that should spell trouble in the coming months for the U.S. consumer."
American consumers should brace for higher prices on corn-based products and businesses won't hesitate to pass the increases onto consumers.
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