America’s breadbasket is baking to a crisp – and the combination of extreme heat and expansive drought is likely to continue well into early August, further damaging corn and soybean crops that have already been severely compromised – and almost certainly pushing prices up higher.

In the last five weeks, U.S. corn prices have surged more than 55 percent as crops continue to bake in the worst drought in the Midwest in more than 50 years, Reuters reported Friday. The scorching conditions will cause further damage to crops that already have been nearly decimated in some Midwest areas.


On Friday corn and soybeans rose to record highs, extending the biggest gains in two-and-a-half years.

Crop report due to be released today @ link---> http://www.nass.usda.gov/Statistics_by_S....

$8.245 a bushel
Price of corn for September delivery, as of Friday afternoon – up 16.75 cents, the second straight day of record highs

$17.575 a bushel
Price of August soybeans, as of Friday afternoon – up 23.75 cents, the third straight record-setting day

1,300 in 29 states
Number of counties declared federal disaster areas due to the drought, allowing farmers to apply for low-interest loans

55 percent
Percentage of continental U.S. that experienced moderate to extreme drought in the month of June

88 percent
Current percentage of corn crops in drought-stricken regions of the U.S.

87 percent
Current percentage of soybean crops in drought-stricken regions of the U.S.

38 percent
Percentage of nation’s corn crop in poor to very poor condition, as of the week ending July 15 – compared to 30 percent the week before

30 percent
Percentage of soybeans in poor to very poor condition, in same period – compared to 27 percent the week before

54 percent
Percentage of pasture and rangeland in poor or very poor condition, a jump of 4 percent compared to last week – and an all-time high for the 1995-2012 growing season's weekly history

117
Number of wildfires that have burned in the MarkTwain National Forest in Missouri, as a result of the drought – a record-setting pace

110
Number of days worth of water that officials in Augusta, Kansas, say is currently available to them via reservoir

DJ U.S. Grain: Corn Basis Bids - Jul 23
DJ - 5 mins ago
Highest cash bids, in cents per bushel, for No. 2 yellow corn. Basis values
reflect cash price variations, in cents per bushel, versus corn futures
contracts listed at the Chicago Board of Trade. Basis Bids are from
the previous market day. Source: USDA, U.S. producer groups, cash
merchandisers, brokers and buyers.

Location Jul Chg Aug Chg Oct Chg
Des Moines, IA 15.0Z na 15.0 Z na -33.0Z 0.0
Cedar Rapids, IA 23.0Z na 30.0 Z na -7.0Z -11.0
Keokuk, IA 20.0U 0.0 20.0 U 0.0 -10.0Z 0.0
Burlington, IA 23.0U 3.0 1.0 U 2.0 -12.0Z 4.0
Eddyville, IA 6.0U 0.0 unq na unq na
Ft. Dodge, IA 0.0U -8.0 -5.0 U -13.0 -26.0Z 0.0
Chicago, IL 35.0U 0.0 40.0 U 0.0 unq na
Central Ill. 25.0U 14.0 unq na unq na
Peoria, IL 26.0U 21.0 unq na -12.0Z 0.0
Decatur, IL 12.0U -28.0 unq na 10.0Z -1.0
Champaign, IL 36.0U 1.0 unq na 10.0Z 0.0
Decatur, IN 33.0U 1.0 unq na -5.0Z 0.0
Evansville, IN 38.0U 0.0 unq na -3.0Z 0.0
S. Bend, IN 18.0U 1.0 unq na unq na
Omaha/Council Bluffs 0.0U -5.0 unq na unq na
Lincoln, NE 16.0U 1.0 unq na -25.0Z 0.0
Blair, NE 1.0U -2.0 unq na -10.0Z 0.0
Hastings, NE -1.0U -1.0 unq na -28.0Z 1.0
Minneapolis, MN -15.0U -7.0 -19.0 U 0.0 -42.0Z 0.0
Marshall, MN -66.0U -27.0 unq na -37.0Z 0.0
Toledo, OH 36.0U 0.0 unq na unq na
Cincinnati, OH 31.0U 0.0 unq na 0.0Z 11.0
St. Louis, MO 33.0U -8.0 unq na unq na
Kansas City, MO 20.0U 0.0 unq na -5.0Z 0.0
Atchison, KS 25.0U 0.0 unq na unq na
Garden City, KS 44.0U -4.0 unq na 0.0Z -1.0
Dalhart, TX 61.0U 1.0 unq na 35.0Z -1.0
Hereford, TX 75.0U -10.0 75.0 U -10.0 75.0Z -2.0
Milwaukee, WI -5.0U 0.0 -5.0 U 0.0 -38.0Z 0.0
Blissfield, MI 32.0U -4.0 unq na 5.0Z 15.0
Mitchell, SD -28.0U 1.0 unq na unq na
Finley, ND -50.0U 0.0 -75.0 Z 1.0 -75.0Z 0.0
Denver, CO 20.0U 0.0 unq na unq na
Portland, OR/PNW Rail 85.0U na 85.0 U -15.0 85.0Z -5.0
Memphis, TN -5.0U 0.0 unq na unq na
Louisville, KY 26.0U -2.0 unq na unq na
Petersburg, VA -24.0U 0.0 unq na 0.0Z -1.0
Rose Hill, NC 17.0U -9.0 unq na unq na

Unq = Unquoted
Na = not applicable

FUTURES CONTRACT CHART;
January-F; February-G; March-H, April-J; May-K; June-M; July-N;
August-Q; September-U; October-V; November-X; December-Z