Corn prices rose Monday to record levels as the prolonged Midwest drought continued baking the nation’s crops.
Corn futures for September delivery rose almost 3% to $8.20 per bushel. And December corn rose to $8.13. Since the beginning of June, corn prices have risen more than 50%.
The U.S. Department of Agriculture on Monday downgraded the condition of the country’s corn crop for the eighth week in a row since the Midwest has been gripped by a searing drought. Now, only 24% of the country corn crop is in “good” or “excellent” condition -- that’s down from 26% the week before.
As the country’s corn prices soar, food prices are expected rise this fall and into early next year as higher feed costs for farmers are passed on to consumers.
Also rising is the price of soybean, with September soybean now standing at $17.26 a bushel, a rise of about 15% since the beginning of July.
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