And yet huge quantities of grain are to be wasted in the fraudulent biofuel “market”, extant only because of an absurd government-mandated Big Ag boondoggle. Appalling!
The worst Midwest drought in a quarter century is doing more damage to U.S. crops than previously expected with the government on Wednesday slashing its estimate for what was supposed to be a record harvest.
The U.S. Department of Agriculture said the corn crop will average just 146 bushels an acre, down 20 bushels from its June estimate and a much more dramatic drop than analysts had projected.
The report initially re-ignited a near-record rally in grain prices that could eventually hit consumer grocery bills in North America, although the impact could be more immediate for the world’s poor if the drought persists.
The severe scaling back of the harvest has sent corn and soybean prices up by more than a third over the past month, as extreme heat and dry conditions stunt growth in the world’s largest grower and exporter.