It’s bad news from the US Department of Agriculture who said that they are forecasting a 13 percent drop in corn production from last year – expected to come in at 10.8 billion bushels.
It’s the first official USDA assessment on the impact of the drought that has swept across the heart of the Corn belt.
The government says the price of a bushel last month was $8 and could reach as high as $8.90.
Soybeans are expected to be hit a bit less hard with production expected to be down by 12 percent over last year at 2.6 billion bushels.
