Drought Conditions Impacting Corn And Soybean Prices

As Mercer County producers are well aware, drought conditions throughout the midwest are pushing prices higher for corn and soybeans. Traders are aware that corn and bean fields are drying out, and the situation will soon become dire, says John Hawkins of the Illinois Farm Bureau.
[audio:http://wrmj.com/wp-content/uploads/2012/06/drought-economics.mp3|titles=drought economics] Prices on future contracts at the Chicago Board of Trade have been steadily rising as the drought has become noticeable. Hawkins says some farmers in Southern Illinois have already plowed under their corn and beans, which were not coming up, and will make an insurance claim.