Economy - Voice of America: US Drought Driving Record Prices for Soybeans, Maize

Economy - Voice of America economy-and-business

US Drought Driving Record Prices for Soybeans, Maize Jul 19th 2012, 18:46 Maize and soybean prices set new records as drought continues to spread across the American Midwest. Higher food prices are expected to follow, and the U.S. meat industry will be especially hard hit. Maize traded above $8 a bushel (per 25 kilograms) in futures trading Thursday. That breaks a record set last July. It is about four times the average maize price through most of the 2000's. Soybeans used to trade at around $5 a bushel, says Purdue University economist Chris Hurt. "Now ... Media files: BF4DA652-E1CC-416C-8EAC-6B5F30F79ACD_cx0_cy0_cw0_w800_r1.jpg (image/jpeg, 0 MB)

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