An intense heatwave is threatening havoc with this year’s US grain harvest, burning up hopes of blockbuster yields and sending prices soaring.
Even a modest reduction in crops could send ripples through global food commodities markets, as the US is the world’s top exporter of corn, soyabeans and wheat and stocks of the first two are relatively low.
Soyabean prices have surged to the highest level since the 2007-08 food crisis and the price of this year’s corn crop has risen 30 per cent since mid-June. Worries about the size of the US crop come only months after drought hit the Latin American soyabean belt of Brazil, Argentina, Uruguay and Paraguay.
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