Corn prices soar as heat hits crops

Tuesday 24 July 2012 22:05 BST

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

A heatwave across southern Europe has seriously damaged corn crops in a region that accounts for nearly a fifth of the world's production, triggering warnings that British shoppers could face soaring bills and the economy may be hit by inflationary pressures.

Corn is a key animal feed, and its rising cost will push up meat prices. Drought in the US has already driven the highest-ever corn prices but over the past month temperatures across eastern Italy and the Black Sea region into Ukraine have soared.

Corn prices, up 54% since June, are trading at an all-time high of $8, Bloomberg reports. India has put off corn-sowing because of a late monsoon season, and Australian crops are facing below-average rainfall.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Stay up to date with notifications from The Independent

Thank you for registering

Corn prices soar as heat hits crops

Join our commenting forum

Thank you for registering