Drought of 2012 will effect food prices
Farmers and ranchers are feeling the heat as a result of this summer’s dry and hot weather, considered the worst American drought in nearly 50 years as detailed in an article in the August issue of Food Nutrition & Science.
“Corn has been hit particularly hard, as the drought hit the region when corn was passing through its critical pollination state. Farmers are hopeful about soybeans, which mature later in the season. As a result, consumers can expect to see an increase in food prices especially in 2013. Since mid-June, futures prices for corn increased 60 percent and 24 percent for soybeans,” according to the publication.“These types of crisis remind us how fragile America’s farming industry is,” said Phil Lempert, founder of Food Nutrition & Science and CEO of The Lempert Report and upermarketGuru.com.