The government slashed its expectations for U.S. corn and soybean production for the second consecutive month Friday, predicting what could be the lowest average corn yield in more than 15 years as the worst drought in decades grips major farm states.
Nonetheless, Agriculture Secretary Tom Vilsack insisted U.S. farmers and ranchers remain resilient and the country will continue to meet demand as the global leader in farm exports and food aid. On Thursday, the U.N. food agency drew a correlation between price hikes in food commodities and the parched conditions in farm states.
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