Price of food being increased due to droughtThe U.S. government recently said that it expects the record-breaking weather to increase prices for groceries next year, including milk, beef, chicken and pork, reported The New York Times.

More than 88 percent of the U.S. crop of corn, which is a staple in the world of processed foods and animal feed, is now being affected by the drought, the Times stated. Corn is the nation's leading farm export, but the drought could lead to a lower supply and higher prices, which will create significant ripples throughout many supply chains.

Government officials are looking for Congress to pass a disaster relief program, which has so far been unsuccessful.

“I’ve been urging the House of Representatives to get a bill to the floor and get it voted on so they can conference with the Senate and get a farm bill passed,” said Thomas Vilsack, the agriculture secretary, who was quoted by the Times.

Soybeans are also a crop in trouble, but soybean futures recently jumped 3 percent on the Chicago Board of Trade.
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