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Corn Prices Jump To Record Highs As Drought Hits 78 Percent Of U.S.

 
Treyfish
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08/10/2012 10:36 AM
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Corn Prices Jump To Record Highs As Drought Hits 78 Percent Of U.S.
| 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]

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