Agricultural Weather and Drought Update
On July 11, USDA’s World Agricultural Outlook Board cut the estimate for the 2012 U.S. corn crop by 1.82 billion bushels to “reflect expected impacts of persistent and extreme June and early-July dryness and heat across the central and eastern Corn Belt.” The 12% cut, which left the projected U.S. corn production at 12.97 billion bushels, is a direct result of the nation’s worst drought in a generation—since 1988. Yesterday, Agriculture Secretary Tom Vilsack also announced that more than 1,000 counties across in 26 states would be designated as disaster areas due to the worsening drought
