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Read it at The New York Times
While New Englanders gobble down their sweet summer corn, the agricultural staple has taken a beating in the Midwest from the nation’s worst drought in 56 years. The U.S. Agriculture Department cut its projected U.S. corn production by 17 percent from its forecast last month, and anticipates this year’s corn yield to be the lowest since 1995. Prices are expected to soar to a record $7.50 to $8.90 per bushel, according to the USDA’s report, which is based on surveys of farmers and its own field inspectors. Soybean crops are also wilting, sending prices through the roof at a projected $15 to $17 a bushel. The U.S. is the world’s largest exporter of corn, soybeans, and wheat.