Corn prices remain strong. “We are looking at the third largest corn crop in history and prices are near $6 a bushel, so demand is holding up and will remain strong. Food prices also may increase, but will be more modest than some think.”

Wheat and other grain prices have trended downward for years. “Increases in production pushed prices down. That’s been the trend for the last 50 years. Corn demand resulted in a slight upward food price trend in 2004 and 2005, but the long-term trend has been down for real food prices.

“We spend only 10 percent of our incomes for food and we are buying a huge share of food away from home and still prices come down. But is that trend at an end?”

Maybe so. With estimated world population at 9 billion by 2050, demand for food will increase significantly. “Also, incomes will be rising. Now, much of the world’s population lives on $1 a day. As that increases, they will want to improve the quality of their diets, including animal protein and fruits and vegetables.”