U.S. corn reserves dipped to a fifteen-year low, according to the U.S. Department of Agriculture’s monthly crop report. 

The fallout could be higher food and ethanol costs according to this story from the Associated Press.

From the Associated Press Story:

"The U.S. Department of Agriculture reported Wednesday that the ethanol industry's projected orders this year rose 8.4 percent, to 13.01 billion bushels, after record-high production in December and January.

That means the United States will have about 675 million bushels of corn left over in late August when this year's harvest begins. That's roughly 5 percent of all corn that will be consumed, the lowest surplus level since 1996."

Scott Gerlt, a University of Missouri crop analyst told KWMU Public Radio Saint Louis that federal ethanol policy has put pressure on the corn market. 

“[E]ven though we have a lot of supply there's just so much demand a lot of that supply is getting used up and we're just not left with much at the end of the day," Gerlt said. 

Click HERE to read the story from KWMU. 

 Though supply is down, the Wall Street Journal reported that prices are steady, for now. 

Click HERE to read the Wall Street Journal story.