Thanks to the record breaking heatwaves that have been sweeping the Midwest section of the country, over 1,000 counties in 26 states have been declared natural-disaster areas by the U.S. Department of Agriculture. This is the largest declaration ever issued of its kind in the U.S.
Currently, over 50% of the Midwest is faced with moderate to extreme drought conditions. The drought is expected to cut crop production which could lead to a sharp increase in food prices.
Corn production is expected to reach its lowest level since 1988, driving prices up by 40% recently.