Food prices likely to remain high as corn supply lags

The U.S. government barely changed its estimate for next year's corn surplus, which is expected to stay small and keep high food prices high.

The Department of Agriculture estimated Friday that farmers will have 848 million bushels of corn on hand at the end of next summer. That's up less than 1 percent from last month's forecast.

Next year's surplus would satisfy demand for fewer than 25 days. A 30-day supply is considered healthy.

Read the whole story at Associated Press