The bureau of labor statistics reported that this summer’s drought was the worst since the 1950’s. It’s effect was increasing the price of corn 128% above their historical average during the term of the drought.
Export prices also hit their highest level since 1984. The prices has begun to influence to influence U.S. Trade for Corn related products such as ethanol as well.
This post has information from statistics from 2012. Articles relating to the effect of the drought on corn prices has not been updated for each year after 2012. For updated statistics, please refer to the bureau of labor statistics.
Statistics since 2012 will include years during which a drought did not occur in the same regions during which the drought occurred in 2012. Since 2012 other factors impacting agriculture and farms include insect infestations, flooding, international tariffs and other issues. Please consult the region of the country affected by each year’s weather patterns to determine affect on agriculture, farms and local crops. The affect of each year’s weather patterns will affect seasonal and yearly prices.
In addition, the affect of drought on corn may be different than the effect on other crops. Each crop requires different levels of water for differing amounts of time. Further, seasonal crops during the same year may experience less or more severe drought conditions.