Last week the U.S. drought monitor showed that the worst drought in a generation was intensifying at an unprecedented rate – there was a nearly threefold increase in areas of extreme drought in the nine Midwestern states that produce three quarters of the country’s corn and soybean crops.
Bloomberg reports that corn rose to a record $8.205 a bushel in Chicago yesterday – July saw the biggest monthly gain since 1988 – and soybeans reached an all-time high on July 23.
The NOAA has published a chart showing how much rain would be needed to return the soil to a “near normal” conditions, providing some perspective on how bad it’s been (h/t reddit/endswithacomma):
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