"WASHINGTON -- The worst Midwest drought in a quarter century is doing more damage to U.S. crops than previously expected with the government on Wednesday slashing its estimate for what was supposed to be a record harvest."
"The U.S. Department of Agriculture said the corn crop will average just 146 bushels an acre, down 20 bushels from its June estimate and a much more dramatic drop than analysts had projected.
The report initially re-ignited a near-record rally in grain prices that could eventually hit consumer grocery bills in North America, although the impact could be more immediate for the world's poor if the drought persists."
Charles Abbott reports for Reuters July 11, 2012.
Source: Reuters, 07/13/2012
Advertisement 
