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Message Subject THE ECONOMY & YOU # (Daily Updated Videos & Articles)
Poster Handle RoXY
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Food prices could skyrocket as US harvest continues to wilt in blistering heat
Tue Jul 3, 2012
by Press TV

Fears that food prices will rocket at the end of the year after a poor U.S. harvest were heightened after predictions that a drought across the Midwest will to continue for at least another week.

Maize yields are suffering after a long drought that hurt the crop in its crucial pollination phase, experts said, as the price of Chicago new-crop corn jumped more than 3% to its highest since last autumn.

Soybean crops and the crucial wheat harvest are also expected to suffer in the blistering heat, which has stayed in the high 30s centigrade for much of the last few months.

The U.S. government played down the extent of the problem with figures showing farmers planted more fields of maize and soybeans, which it said should offset the fall in crop yields.

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