Lack of rainfall in the Midwest causing dramatic rise in corn prices

Saturday, August 29, 2020
By Paul Martin

by: Zoey Sky
Saturday, August 29, 2020

On August 10, the “Great Derecho” storm damaged 10 million acres of crops in Iowa, resulting in an increase in corn prices. Not one month has passed and a lack of rainfall in the Midwest has once again caused a surge in crop prices.

Low rainfall and the Great Derecho

Data from the Department of Agriculture (USDA) warns of further deteriorating crop conditions.

Farmers have already expressed their concern over a lack of rainfall in August, which caused an increase in corn prices, which have increased by nine percent for the past two weeks. Since the start of the week, benchmark corn prices have gone up by at least four percent at $3.39 for one-fourth of a bushel.

This is alarming as prices have already increased on August 10, Monday, after a weather complex called a “derecho” destroyed crops in Iowa, one of America’s key corn-growing states.

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