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Dried-Out Farms From China to Iowa Will Pressure Food Prices

  • US crop tour reveals the damage done by severe drought
  • Lack of rain is also taking a toll on Europe, China and India
Corn crops that died due to extreme heat and drought during a heatwave in Austin.

Corn crops that died due to extreme heat and drought during a heatwave in Austin.

Photographer: Jordan Vonderhaar/Bloomberg
Updated on

Drought is shrinking crops from the US Farm Belt to China’s Yangtze River basin, ratcheting up fears of global hunger and weighing on the outlook for inflation. 

The latest warning flare comes out of the American Midwest, where some corn is so parched stalks are missing ears of grain and soybean pods are fewer and smaller than usual. The dismal report from the Pro Farmer Crop Tour has helped lift a gauge of grain prices back to the highest level since June.