Corn Hits All-Time High; Heat Proves Relentless
Source: Associated Press
Corn prices raced to a record high Monday as the hot, dry summer relentlessly pounded crops across much of the country.
Corn for September delivery gained 21.5 cents, or 2.7 percent, to end at $8.20 per bushel, which was an all-time high. December corn rose 20.75 cents, or 2.6 percent, to end at $8.14 per bushel. Soybeans rose 2.6 percent.
Expectations are mounting that harvests will be smaller than anticipated for both crops because of the drought, which covers some two-thirds of the continental U.S. There is little rain in forecasts for August.
Corn fields, particularly east of the Mississippi River, have been hit the hardest. Some farmers are harvesting what they can salvage to sell for livestock feed. Others may forgo harvest and leave the fields alone, analysts say.
Read more: http://www.chron.com/business/article/Corn-hits-all-time-high-heat-proves-relentless-3747167.php
Put up as much summer produce as you can (canning can be fun, actually)...I fear of the winter grocery prices.
Uncle Joe
(58,028 posts)Thanks for the thread, Purveyor.
L0oniX
(31,493 posts)AndyTiedye
(23,500 posts)We can't be using corn as a motor fuel if the crop fails this badly!
It is needed for food!
bhikkhu
(10,707 posts)though that does just use the low-quality corn. Perhaps if they ended that then animal feed prices would stay down, but then all those ethanol refineries might go belly-up...one way or another, climate change has consequences!
entanglement
(3,615 posts)Sherman A1
(38,958 posts)as this is going to ripple across both energy & food prices for a considerable period. I expect once prices go up, they will never really come down again.