US cuts crop forecast amid severe drought

Posted by NBC News: None Given on August 10th, 2012
NBC News: Federal forecasters are predicting record prices for corn and soybeans, raising fears of a new world food crisis as the worst U.S. drought in half a century continues to punish key farm states. The U.S. Department of Agriculture on Friday said production of U.S. corn and soybeans is expected to be down 17 percent from its forecast last month of nearly 13 billion bushels, and 13 percent lower than last year. It was the second month in a row when the USDA has cut its production estimate. Corn......

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