Corn, soybean prices shoot up as drought worsens
NEW YORK (CNNMoney) -- As the Midwest continues to suffer through its worst drought in more than 50 years and corn prices near record highs, sixth generation farmer Pam Johnson stares out her window, praying for rain.
"We went into this year having planted more acres than we had planted in many years, expecting to raise a bumper crops," said Johnson, who farms with her husband, two sons and their families in Floyd, Iowa. "The planting conditions were great, and our corn came out picket-fence perfect. But now we have no idea how many bushels we'll be able to harvest this fall."
While her farm typically enjoys between 6 inches to 10 inches of rain in June and July, this year has been dismal, with only a little more than an inch of rain in June and less than half an inch so far in July.
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