As many of you know, a severe drought has gripped much of the country, particularly the Midwest agricultural region. Corn and soybeans are among the most plentiful crops in that region and they are suffering. Many farmers are reported to have given up on this year’s crop. While much of the food grown in this area is not for human consumption, it is used for animal feed, ethanol and many food ingredients.
What does this mean to the frugal bachelor? Clear out that freezer in The Bachelor’s Kitchen! You’re going to need the space. Here’s how many experts are seeing the scenario in the coming months.
The smaller corn and soybean crops will drive up those prices. Initially, the price for most animal proteins will go down as producers ship more animals (this includes farm-raised seafood) to slaughter rather than spend more money on feed. But after that glut moves through the market, prices will go up sharply.
The advice of many in the food business is to prepare to stock up on beef, pork, chicken and seafood when the prices begin to fall so you will need to buy fewer of these products when the prices skyrocket.
So, clean out the freezer, stock up on freezer bags, aluminum foil and plastic wrap and begin putting these foods aside for later in the year. This eventually will affect all food prices, especially dairy. Anything you can stock-up on now will be a good thing later.