USDA cuts crops forecast for soybean, wheat, corn

Food prices will likely remain high next year as U.S. farmers produce smaller corn, soybean and wheat crops than expected.

Volatile weather is to blame for the tight supply of key crops used for animal feed and supermarket staples, according to the U.S. Department of Agriculture.

Heavy rains and flooding in the spring delayed the planting schedule. In May, just half of the acres set aside for soybeans were planted. Then, triple-digit temperatures and dryness last month left fields parched.

The agriculture agency forecasts that farmers will grown 3 billion bushels of soybeans this year and next, 5.2% less than previously expected. The corn harvest is 4.1% slimmer than anticipated with 12.9 billion bushels. The wheat prognosis is for 2 billion bushes -– a 1.4% slip.

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Photo: A farmer harvests winter wheat in Kirkland, Ill., on July 14. Credit: Daniel Acker/Bloomberg