The USDA has predicted that farmers will reduce corn crop by 8% this year. GMA spokesman Scott Faber called the estimate "alarming" and said this could continue to send food prices up for consumers. "Food prices are rising twice as fast as inflation, placing significant pressure on American families who are already suffering from economic uncertainty," he said.
PepsiCo has formed a joint venture with Strauss Group to operate hummus maker Sabra. The venture, owned equally by Pepsi's Frito-Lay North America unit and Strauss, will provide spreads and dips in the North American market. The financial details of this deal were not disclosed.