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News 177 views last update:6 Aug 2012

US corn hit by record drought

Long droughts strike the corn belt in the US approximately every 19 years, Iowa State University Professor Elwynn Taylor told the Chicago Tribune. "The time is up," he added. "Nature tells us we're due."

July delivery corn was up 14 cents Monday, reaching $3.96 per bushel, while soybean futures were up 8.5 cents to $8.30 per bushel, a 42% increase over last year.

"The jury is out a lot on whether this is a drought scare or the preliminary stages of the real thing," Taylor said. "In the markets, there's more placing of bets than managing of risk."

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