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The Associated Press May 10, 2012, 12:54PM ET

USDA predicts record US corn harvest this summer

Consumers could get a break from higher food prices by late fall.

The U.S. Agriculture Department predicted Thursday that corn production will total 14.8 billion bushels for the season ending in August 2013. That compares with 12.4 billion bushels a year ago. The government also predicted that corn stockpiles will be higher by the end of this August.

Analysts caution that the growing season is just beginning and many factors could affect production, including a hot, dry summer.

But if the forecast holds true, corn prices will fall and that likely will result in lower supermarket prices for products that use corn.

Wheat production is expected to increase but soybean supplies will remain tight.


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