Drought May Rival 1980s U.S. Scorcher That Cost $78 Billion
By Alan Bjerga - Jun 27, 2012 12:11 PM ET
The drought in the U.S. Midwest that has pushed up corn prices 28 percent since June 15 may eventually rival a dry period in 1988 that cost agriculture $78 billion, a government meteorologist said.
“Everyone’s worried about this,” Anderson said in an interview after speaking at the forum. Corn “stockpiles are already low,” he said. “We thought this was the year we might get some relief from that, and that may not happen. We’re going to have highly volatile prices the rest of the summer.”
Areas of Indiana, Illinois, eastern Iowa and Missouri have had less than half of the normal rainfall in the past 30 days, according to the National Weather Service. Parts of the Midwest may see some significant showers by the middle of next week, while the driest areas of the Midwest and the Mississippi Delta region may see little precipitation, Telvent DTN Inc. said yesterday.
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http://www.bloomberg.com/news/2012-06-27/drought-seen-rivaling-1980s-u-s-scorcher-that-cost-78-billion.html
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