Food Prices to Rise as Worst Drought Since 1956 Continues
Posted on July 20, 2012The Financial Times predicts that food prices around the world are going nowhere but up as the globe faces a growing food crisis, because of the ongoing global drought.
The FT notes that the U.S. Department of Agriculture cut its corn production forecasts last week in the largest amount in 25 years. The U.S. is in the worst drought since 1956. Meteorologists says that the corn and soybean producing regions of the U.S. will remain dry for another couple of weeks, which will decrease crop yields even further.
The Washington Post quoted U.S. Agriculture Secretary Tom Vilsack's latest comments on the drought: "I get on my knees every day. And I'm saying an extra prayer now. If I had a rain prayer or a rain dance I could do, I would do it."