Look Out For Rising Grocery Prices

Corn and soybeans expected to reach high costs this year

By Sandra Torres
|  Thursday, Jan 13, 2011  |  Updated 9:45 AM CDT
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Look Out For Rising Grocery Prices

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MIAMI - SEPTEMBER 16: Carlo Minaya stocks the shelves with vegetables at the La Roca grocery store September 16, 2008 in Miami, Florida. The Labor Department reported today that consumer prices edged down 0.1 percent last month, compared to the 1.1 percent price rise in June and a 0.8 percent rise in July. (Photo by Joe Raedle/Getty Images)

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You might start paying more for groceries soon.

A recent report by the U.S Department of Agriculture shows future prices for some key grains will be skyrocketing in the future, according to the Chicago Sun-Times. That could mean inflation at the grocery store.

It is expected that prices for corn and soybeans will go up about 4 percent after production of those crops fell last year. Experts say producers' rising energy costs also is a contributing factor.

The Chicago Sun-Times reports the crops reached the highest prices in two-and-a-half years. March corn futures rose 24 cents to $6.31 a bushel at the Chicago Board of Trade, and soybeans went up by 58 cents at $14.15 a bushel, according to the Sun-Times.

Traders say supplies will be even more limited if developing countries continue to buy production in the United States.

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