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Corn Prices Drop Even Further; Relief on the Way?

Jupiterimages/Thinkstock(NEW YORK) -- The price of corn on commodities markets has dropped 10 percent in the past 24 hours, marking the biggest plunge in 15 years.

Three weeks ago, corn prices were at record highs and since then, they have dropped more than 20 percent.  This could translate into some relief for consumers who have been hit with high food costs.

The soaring cost of corn this year has been a big cause of food price inflation.  The crop is still relatively expensive but Friday's plunge on commodity markets comes after an announcement by the U.S. Department of Agriculture which said farmers in Minnesota, Iowa, Nebraska and other states planted a lot more corn than expected.

Copyright 2011 ABC News Radio

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