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.
From FNNO.com, this is the Financial News Network. I’m Cleo
Stiller-Farrell and this is your Midweek Market Wrap Up. The British
Bankers’ Association, which has the supervisory role of setting the
influential Libor rates, announced that it would be willing to give up
its...