NEW YORK (Kyodo) Recent surges in U.S. corn futures are expected to directly hit American and Japanese consumers with higher prices for steak, pizza, ice cream and tofu, according to Japanese and U.S. grain traders.
There are growing concerns among American consumers that rising animal feed and food material prices will jack up a variety of foods. Higher food prices in turn would force consumers to pay more at supermarkets and restaurants.
The soaring corn prices stem in part from a surge in demand for ethanol, an energy source alternative to gasoline, amid global efforts to cut back on emissions of greenhouse gases. Ethanol is typically produced from corn and other grain products.