Cornfields on either side of the Atlantic Ocean are being baked, further endangering the crop and its production, according to Bloomberg.
Southern Europe, which supplies 16 percent of world exports of the agricultural commodity, is enduring heat waves, compounding the drought that the Midwest of the U.S. is coping with. The agricultural commodity has pushed to record highs as a result of the parched conditions of crops in the U.S.
"Everyone is looking to the U.S., but clearly in Europe we'll need to import a lot of wheat and corn," market analysis head Cedric Weber with farmer sales advisor Offre et Demande Agricole of France told the news source. "That's just adding to the problems we've got everywhere."
At 7:39 a.m. on Tuesday, corn futures fell 1.15 percent, a 0.09 cent loss to $7.765 per bushel.
Reuters reports some new corn contracts have gained 50 percent since the beginning of last month. Corn futures contracts for delivery later this year achieved record highs last week as the Midwest drought has persisted and endured.
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