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Midwestern Drought Will Likely Push Up Food Prices
By
Jen Chung
Published Jul 22, 2012
Modified Jul 23, 2012
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By
Jen Chung
Published Jul 22, 2012
Modified Jul 23, 2012
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The midwest is in the midst of a drought, which has serious implications for our food. A month ago, as "young corn and soybean plants are struggling to poke out of the cracked earth," a farmer in Illinois told the Chicago Sun-Times, "I’m trying not to worry, but Mother Nature is beating me up left and right. Every day that goes by is more money out of pocket." Now, the futures for corn and soybeans have gone up 48.5% and 31.2% respectively since late May and the Wall Street Journal reports, ""Wheat prices have soared 46.5%, and the heat is even hurting black beans and pinto beans. Weather forecasters see little relief in sight."
It might take a while for prices to go up, but the WSJ has this interesting example involving peanut butter from last year:
Last summer, a drought in Southern states devastated the peanut crop, and by September, around harvest time, government data showed double-digit year-over-year retail price increases in percentage terms for the popular spread. By December, prices were up 27% and, most recently, 39% last month.
Chipotle even warned investors that it might have to raise prices (except for cops).
U.S. Agriculture Secretary Tom Vilsack also expects higher prices, "I get on my knees every day and I’m saying an extra prayer right now."
Tagged
corn
food
price prices
soybean
wheat
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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