USDA predicts record low corn harvest, spike in prices
By The Week Staff | August 10, 2012
An Illinois farmer looks over an ear of corn picked from his fields, which have been severely damaged by drought.
Scott Olson/Getty Images
A
s a drought gripping the U.S. continues to worsen, the Department of Agriculture is projecting a massive slump in the corn harvest, and a subsequent surge in corn prices. The USDA predicts that the corn harvest will decrease by 2.2 billion bushels — or 22.6 bushels per acre. That rate puts the 2012-2013 yield on track to be the worst since the 1995-1996 harvest.
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