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Bloomberg is reporting that the price of corn and soybeans is rising steeply on the expectation that there will be a reduction in the overall yield of these crops, owing to dry hot weather in the US MIdWest .
The Professional Farmers Association of America recently undertook a four day study of fields in the midwest, and estimated that farmers in America will harvest just under twelve and a half billion bushels of corn this year, 2011.
This is less than was forecast by The US Department of Agriculture , by just over three percent.
According to Bloomberg, corn is the largest agricultural crop in the United States, valued at just over sixty six and a half billion dollars, followed by soybeans valued at just under thirty nine billion dollars.
Full story : Bloomberg