Where's All The Corn?
On Friday, the US Department of Agriculture's crop report was released and the figures were not good. Taking into account the record-high temperatures across the U.S., a drought that's the worst in decades, and the fact that half of all U.S. counties are considered disaster areas and you can see why.
Corn production is estimated to have fallen 13 percent from 2011 to the lowest production levels since 2006 and corn yields are expected to average 123.4 bushels per acre, the lowest since 1995. Soybean production is also estimated to have plummeted 12 percent from last year. However, cotton production is up 13% and wheat production came in slightly above estimates.