The widespread drought in the Midwest is continuing to wreak havoc on crops there. Its latest casualty - corn.
Friday the U.S. Department of Agriculture projected a massive slump in the corn harvest. That means we can soon expect a surge in corn prices.
The USDA is forecasting farm prices for corn to hit record highs this season-- up to $8.90 a bushel. And with the prices of corn and grain rising, we can also expect a sharp increase in the price of meat, since corn is used to feed cattle.
The USDA says it expects corn growers to average 123.4 bushels per acre, down 24 bushels from last year. That would be the lowest average yield since 1995.
Soybean production is also now forecast at 2.69 billion bushels, a 12% decline from last year. Expected yields on average of 36.1 bushels per acre would be the lowest since 2003.
The nation's biggest corn and soybean producer, Iowa, is still grappling with drought. The amount of that state in extreme or exceptional drought more than doubled, rising from 30.74% last week to 69.14% as of Tuesday.
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