"The hottest summer since 1955 in Iowa and Illinois is eroding yield prospects for corn and soybean crops in the U.S., the largest grower and exporter.
Signs of diminished output appeared this week during a four-day, seven-state sampling of about 2,000 fields in the Midwest organized by the Professional Farmers of America, which will report its findings later today. A Bloomberg survey of 25 tour participants showed all expected the government to cut its corn-harvest forecasts and 21 predicted a reduction for soybeans.
Corn prices have jumped 24 percent since July 1 and soybeans touched a five-week high on Aug. 24 as crops in parts of the Midwest were damaged by more than 35 days of temperatures above 90 degrees Fahrenheit (32 degrees Celsius), government data show. Corn, the biggest U.S. crop, is the main ingredient in livestock feed and ethanol, a gasoline additive"............READ MORE
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