Tagged: Drought

1. They're expecting record revenues

Our colleague Dan Charles writes:

On average, corn growers actually will rake in a record amount of cash from their harvest this year. ...

You've all heard a lot about this year's devastating drought in the Midwest, right? The U.S. Department of Agriculture announced last Friday that the average U.S. cornfield this year will yield less per acre than it has since 1995. Soybean yields are down, too.

President Obama not coincidentally chose Iowa today as the backdrop for his announcement that the federal government is buying $170 million worth of pork, chicken, lamb and catfish to help producers who've been hit hard by drought-related increases in feed costs and by soft prices because of overproduction.