Price of meat surges as poor weather hits U.S. feed crops

The world economy faces a fresh wave of food inflation as the price of meat surged to a 22-year high on the back of record costs for corn and soybean, the key feeding crops for livestock. Both crops jumped to fresh highs yesterday after U.S. farmers said heavy rain and low temperatures over the past six weeks had damaged millions of acres of crops and meant several million more acres had been left unplanted. Traders said rising prices for corn and soybean would reverberate through the food supply chain, pushing up the cost of meat, poultry and dairy products. The surge in corn prices would further affect a range of foodstuffs, including breakfast cereals and sweeteners. Full story: Financial Times