US Drought Means World May Starve
The US is going through the worst drought in half a century. Since we feed the world, this could lead to a global crisis as crop shortages push food prices up. The US supplies half the world’s corn exports and a large amount of its soybeans and wheat. We even sell Texas-grown rice to Asian countries.
In the July 20th edition of the Financial Times, Jack Farchy and Gregory Meyer quote senior commodities trader David Nelson as saying, "I’ve been in the business more than 30 years and this is by far and away the most serious weather issue and supply and demand problem that I have seen by a mile."
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