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1000 COUNTIES IN 26 STATES DECLARED DIASTER AREAS

July 11 (Bloomberg) -- The U.S. cut its corn-harvest estimate 12 percent and said inventories next year will be smaller than forecast in June as the worst Midwest drought since 1988 erodes prospects for a record crop. Michael McKee reports on Bloomberg Television's "Bottom Line." (Source: Bloomberg)

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Worst Drought since 1988 in Midwest, Corn Plants Damaged

July 11, 2012

The US Department of Agriculture confirmed the drought condition in 26 states is bringing the supply of corn, wheat and soybean much lower. It said, "the projected US corn yield is lowered 20 bushels per acre to 146 bushels reflecting the rapid decline in crop conditions since early June and the latest weather data." So far, 1000 counties in 26 states have declared natural disaster. Corn futures zoomed up more than 30% since the middle of June. What this means for America is very soon we'll feel the affect of food inflation. Corn, wheat and soybeans are the three most common crops in the US and they're the ingredients of many basic things on our table, such as cereals and salad dressing. The USDA also cut its estimate of wheat crop in Russia by 4 million tons because of the low yields. Globally, the supply level is dropping by the low teens. For more news and updates, keep it right here at the Financial News Network. I'm Julia Sun.

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