Soybean futures also posted record highs in 2012. Department of Agriculture (USDA), sending benchmark Chicago Board of Trade corn futures to record highs above $8 a bushel. corn yields fell to the lowest in 17 years in 2012, according to the U.S. As a result, short-term dryness continued to worsen, leading to widespread deterioration," climatologists said in the weekly report.Īs of June 20, 58% of the Midwest was in moderate drought or worse, the broadest area since 2012, the Drought Monitor data showed. "Much of the (Midwest) region did not see appreciable rainfall. summer crop season and potential harvest shortfalls have sent corn and soybean prices soaring to multi-month highs, although both crops can still rebound with timely rains. Drought Monitor report showed.Ĭoncerns about the dry start to the U.S. Midwest drought since 2012 expanded over the past week despite mild temperatures as a lack of rain across the heart of the American farm belt threatened newly seeded corn and soybean crops, climatologists said in a weekly report.īelow-average rainfall and high winds also exacerbated drought conditions in much of the High Plains region from top spring wheat producer North Dakota to the largest winter wheat state Kansas, the U.S.
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