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Corn Prices Jump To Record Highs As Drought Hits 78 Percent Of U.S.
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| With 78 percent of the contiguous U.S. in drought conditions — including 24 percent in “exceptional” drought — the U.S. corn crop has taken a major hit. In a report today, the U.S. Department of Agriculture cut its estimates for this year’s corn yield to 10.7 billlion bushels — or nearly 17 percent below July estimates. That sent corn futures up 3 percent to $8.43 a bushel, a record peak. As the drought has worsened, grain prices have shot up by between 25 and 50 percent since June. The Financial Times reports: Politicians are increasingly alarmed by the current food supply situation... [ link to thinkprogress.org] WOW 78%!
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