Corn prices hit record as crops shrivel

Corn prices surged to a new record high Monday, as the worst drought in more than 50 years continues to plague more than half the country.

Almost 90% of the United States’ corn crops are in drought ravaged areas, according to the U.S. Department of Agriculture, and nearly 40% are situated in the hardest hit spots.

Corn prices have soared more than 50% during the past six weeks as the crops continue to shrivel in relentless dry heat throughout the Midwest. They jumped another 3% Monday to a record high of $8.17 per bushel on the Chicago Board of Trade.

More…

      
Plugin by: PHP Freelancer
This entry was posted in Editorial, Food and tagged , , , . Bookmark the permalink.