"Midwest Drought Slashes US Corn Estimate, Jolts Market"
"WASHINGTON -- The worst Midwest drought in a quarter century is doing more damage to U.S. crops than previously expected with the government on Wednesday slashing its estimate for what was supposed to be a record harvest."
"The U.S. Department of Agriculture said the corn crop will average just 146 bushels an acre, down 20 bushels from its June estimate and a much more dramatic drop than analysts had projected.
The report initially re-ignited a near-record rally in grain prices that could eventually hit consumer grocery bills in North America, although the impact could be more immediate for the world's poor if the drought persists."Source: Reuters, 07/13/2012