Commodities
Heat Wave Fuels Record Crop Prices for US Farmers
A severe heat wave has swept across the US Midwest, sending temperatures soaring and prompting another round of heat advisories. The sweltering conditions have finally brought higher crop prices that farmers had been waiting years for.
Corn futures have jumped about 15% since the end of July, pushing prices above the critical $5-a-bushel threshold to reach their highest levels since 2023.
The gains in corn futures are benefiting the entire farm economy, with higher bids being offered at grain terminals and elevators. This also allows farmers to use futures contracts to hedge against potential losses.