Worst Drought in Decades
According to the National Climatic Data Center - the ongoing drought has reached levels not seen in more than five decades. More than half - about 55-percent - of the continental U.S. is now designated as in moderate drought or worse. That's the largest percentage since December of 1956. USDA Chief Economist Joe Glauber notes the drought could get a lot worse before it gets better - and the impact on crops will ripple through the economy. The effects of rising corn prices are felt in the food and energy markets. USDA has cut its corn harvest projection - and with the dry weather expected to continue - could make further cuts. As of Monday - 38-percent of the crop is rated very poor to poor - the worst July conditions since 1988.
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