Heat in the American Midwest is affecting more than the people who have to cope with high temperatures -- crops in the region are also suffering.
Corn supplies in the United States are declining at the fastest pace since 1996, affecting the world's largest harvest for the third year in a row, according to Bloomberg News.
“We have a potential disaster developing for the U.S. corn supply,” said Peter Meyer, the senior director for agricultural commodities at PIRA Energy Group in New York, who cut his corn crop forecast after surveying fields in Illinois, Indiana and Ohio last week. “This year may be the worst yet.”
Stockpiles were close to 3.168 bushels on June 1, which is 47 percent less than the number on March 1, according to Bloomberg data compiled from 22 analysts' average estimates.
While supplies diminished, corn improved 17 percent this month to $6.4825 a bushel on the Chicago Board of Trade, and it trailed only wheat and natural gas out of the 24 commodities on the Standard & Poor's GSCI Spot Index, which decreased 3 percent.
According to The Associated Press, farmers were able to get an earlier start this year because of the mild winter, leading to some hope for the most bountiful crop since 1937.
Corn supplies in the United States are declining at the fastest pace since 1996, affecting the world's largest harvest for the third year in a row, according to Bloomberg News.
“We have a potential disaster developing for the U.S. corn supply,” said Peter Meyer, the senior director for agricultural commodities at PIRA Energy Group in New York, who cut his corn crop forecast after surveying fields in Illinois, Indiana and Ohio last week. “This year may be the worst yet.”
Stockpiles were close to 3.168 bushels on June 1, which is 47 percent less than the number on March 1, according to Bloomberg data compiled from 22 analysts' average estimates.
While supplies diminished, corn improved 17 percent this month to $6.4825 a bushel on the Chicago Board of Trade, and it trailed only wheat and natural gas out of the 24 commodities on the Standard & Poor's GSCI Spot Index, which decreased 3 percent.
According to The Associated Press, farmers were able to get an earlier start this year because of the mild winter, leading to some hope for the most bountiful crop since 1937.
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