While much of Europe battles against floodwaters, hot, dry weather in the US has led the Agriculture Department to forecast higher food prices.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Widespread drought conditions prompted the department to reduce its forecasts for grain and soybean output. These two crops are used in hundreds of staple foods and animal feed.
“It’s been extremely hot and dry. The drought has had a profound impact on these crops,” Gerald A. Bange, chairman of the World Agricultural Outlook Board, is quoted as saying by the Washington Times.
The department has lowered its estimate for corn production by 7% from last year, predicting that almost 8.89 billion bushels will be harvested in 2002. It would be the lowest output since 1995.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
