With nearly two-thirds of the US enduring massive drought
conditions, food prices are expected to jump ahead of the November election.
That could add to voter anxieties about the economy, cnbc reports.
More than 1,000 U.S. counties — many of them in the grain
capitals of the Midwest – have applied for federal disaster relief, meaning
they’ve had drought conditions for more than eight weeks. Moreover, 61 percent
of the U.S. is now considered drought-stricken, the highest percentage in the
12-year history of the U.S. Drought Monitor.
Drought or no drought, the U.S. will still produce about a
third of the world’s corn and will see its third-largest corn crop ever.
Moreover, a drought prognosis by Iowa State University agri-economist Chad Hart
suggests that parts of the country — including Georgia and portions of Texas —
are likely to see relief as the summer progresses, even as some part of the
Midwest, the nation’s bread basket may see dry conditions worsen….
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