The current U.S. hot weather is threatening the country’s corn crop, according to analysts, who are predicting the possibility of stunted growth after preliminary photos showed cobs much smaller than they should be one month away from harvest. Corn prices are back over $7 per bushel, with implications that will affect farmers, producers, retailers and consumers, according to experts.
Farmers initially planted more corn to take advantage of tight global markets and prices that have increased 80% in the last year, but the weather could result in a weak crop. Iowa and Illinois climatologists put July as the hottest month since 1955, and in the Midwest it was in the top-10 hottest ever.
The U.S. Department of Agriculture will release its first crop supply-and-demand projections of the year on August 11 to include field surveys.
