Drought worsens, crops are damaged, food prices may soar
Corn and soybeans in the U.S. Midwest are baking in what has been an unrelenting heat wave, as fears are rising about large crop losses that will boost food and fuel prices and cut exports and assistance from world’s top shipper of the key crops. Consumers could soon be facing steeper bills at the grocery store as a result.
Nearly 40% of the corn planted across the nation is in poor or very poor condition, compared to just 11% at this time last year, according to the U.S. Department of Agriculture (USDA). The country’s corn and soybeans have deteriorated even more than grain traders had expected, and the USDA is cutting weekly corn crop condition ratings by the biggest amount in nearly a decade. After weeks of growing drought, some lucky farms have been doused by scattered thunderstorms in the past few weeks. Still, weather forecasters warn that the heat and dryness could only intensify through the end of July and possibly beyond.