The U.S. drought will soon take its toll on food prices. Analysts with Great American Group, LLC, believe the higher prices will extend into 2013 because of the impact of drought on the corn supply. The higher cost of feed will severely impact the meat and dairy industries.

“The drought has caused a state of alarm in the food industry,” said Ken Bloore, chief operating officer of Great American Group’s Advisory & Valuation Services Division. “A continued lack of rain in the U.S. will be detrimental to crop development. This will result in a tightened supply and higher prices for raw materials, livestock, feed and crops, which could impact gross margins for companies throughout the industry.”

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