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Monday, July 30, 2012

Corn Prices At Record High




Drought conditions may be bad in some areas, but price-wise, it can also be beneficial.

CNN Money reports:

Corn prices surged to a new record high Monday, as the worst drought in more than 50 years continues to plague more than half the country.

Almost 90% of the United States' corn crops are in drought ravaged areas, according to the U.S. Department of Agriculture, and nearly 40% are situated in the hardest hit spots.

Corn prices have soared more than 50% during the past six weeks as the crops continue to shrivel in relentless dry heat throughout the Midwest. They jumped another 3% Monday to a record high of $8.17 per bushel on the Chicago Board of Trade.

Fortunately, the corn crop on the Nebraska farm is doing great and we have a water well for irrigation. The well was dug in the late 1970s.

To read more, go here.

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