America’s worst drought since ’56 threatens world food supply

Tuesday, July 17, 2012
By Paul Martin

Andrew Stern, Reuters
FinancialPost.com
Jul 17, 2012

CHICAGO — Corn and soybeans in the U.S. Midwest baked in an unrelenting heat wave on Monday with fears rising of big crop losses that will boost food and fuel prices and cut exports and aid from the world’s top shipper of the key crops.

The condition of the nation’s corn and soybeans as of Sunday deteriorated even more than grain traders had feared, and the U.S. Agriculture Department cuts its weekly corn crop condition rating by the biggest amount in nearly a decade.

After weeks of growing drought some lucky farms have been doused by scattered thunderstorms in the past few days. But weather forecasters warned the heat and dryness would only intensify through the end of July and possibly beyond.

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