Farmers abandon fields larger than Belgium and Luxembourg, food prices set to surge due to drought
“The worst drought in the United States in a half a century has led to the destruction of roughly one-sixth of the expected corn crop in America over the past month and will likely lead to a significant rise in the price of corn in the very near future.
To make matters even worse, much of the corn crop in the United States is genetically modified and thus susceptible to so-called “superbugs” and is the same strain which has been banned in multiple countries in the European Union.
This July has been the hottest in American history and has caused major damage to the corn crops throughout the United States making some farmers actually entirely abandon fields greater in size than the nations of Belgium and Luxembourg.
Obviously such a major reduction in the corn supply will certainly lead to a rise in the price of corn; it is simple economics. Unfortunately it doesn’t look like such a surge would diminish any time soon.
Even more unfortunate is the fact that corn is not the only commodity which will be negatively impacted by this drought and heat wave.
Soybeans – which like corn is used in a wide variety of food products, animal feed and other products – also has been hit hard by the weather. It is likely that it will be the worst harvest for five years now and will also likely impact the prices of other processed goods due to the rise in the price of vegetable oil, which just happens to be made from soy.”
Via Activist Post