Stock prices on corn soared as the current crop is estimated to yield far fewer bushels than previously expected. The U.S. Department of Agriculture announced that the current crop estimate is only 146 bushels an acre, a 20 bushel reduction from last month.The U.S. Midwest is currently experiencing its worst drought in a quarter century. The higher price of corn is predicted to drive up U.S. meat production with the greater cost of feed for livestock. A suitable substitute in the event of a corn shortage, would be wheat and that commodity should also be on your radar.The USDA is expected to make a new estimate of the yield in August. Despite the set backs, the current crop is on track to be the third largest on record.For more updates, follow us on our Twitter feed, @fnnonline, or on our website, fnno.com
