Much of the Midwestern U.S. is still suffering from one of the worst droughts in decades. Serious damage has been inflicted upon the corn and soybean crops, producing record-high prices for corn and soybean futures at the Chicago Board of Trade.
Forecasters say there’s a heat dome over the Corn Belt, and soybean prices are nearing record totals. Food inflation fears and fuel worries continue. The drought is affecting 55% of the land mass in the lower 48 states.