Drought Pushes Grain Prices to New Records on Friday


Published on July 21 2012 9:17 am
Last Updated on July 14 2013 12:07 pm
Written by Greg Sapp

The price of everything made from or connected to grain grown in the US is about to rise.

Grain prices set new records again Friday as a continuing drought and extreme heat wipes out crops.  Forecasters say there's no relief in sight for the worst drought in over a half-century.

Wheat prices on the Chicago Board of Trade found a four-year high on Friday, while corn jumped to an all-time record.  Experts say the first sign of rising prices will probably be seen in milk, followed by beef and poultry and then grain products.  67% of the nation's corn crop is now used to produce ethanol, which will probably drive gasoline prices higher in the next few months.