Drought Worsens in the U.S.

The droughts effect on grain crops has made food prices more expensive around the world, and is affecting the economies of Central American countries.

Thursday, August 9, 2012

According to an article in Americaeconomia.com there is an increasing threat of low crop yields in major U.S. agricultural states affected by drought and high temperatures recorded during the month of July.

Corn and soy beans are the most affected, and their prices continue to rise in the futures market on the Chicago Stock Exchange.

"This Friday, the USDA will release its August report on crops and operators are prepared for another upward momentum in prices. Domestic corn inventories may fall to their lowest in 17 years next summer after the harvest this year , and soybean supplies could fall to the lowest point in 32 years while the drought continues to reduce the potential for production.

Soybean conditions began to stabilize last week due to improvements in the weather in much of the central region, while corn conditions declined again. However, the ratings of both crops are still the worst since 1988. "

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