Plains/Midwest Drought Kicks Corn Prices Up By 27% In Past Month; Chances Of Rain Low
A drought in the Corn Belt and elsewhere in the Midwest has pushed the bushel price up about 27 percent in the past month alone, and there is little sign of rain in the near future, a forecast that could soon push up food costs across the country, meteorologists say.
Last week, 63 percent of the corn crop was rated in good or better condition, according to the Agriculture Department. This week, that figure had fallen to 56 percent.
Concerns arise as the crop approaches pollination, a particularly sensitive two-week period when bad weather can inflict significant damage.
"You only get one chance to pollinate over 1 quadrillion kernels," said Bill Lapp, president of Advanced Economic Solutions, a Omaha-based commodity consulting firm. "There's always some level of angst at this time of year, but it's significantly greater now and with good reason. We've had extended periods of drought."
EDIT
http://www.salemnews.com/business/x1501677820/Drought-threatens-U-S-food-prices
= new reply since forum marked as read
