Drought Exacts a High Toll on Crops
by Carmen Lim
@ 21 Mar 2014
Federal forecasters estimate retail food prices will rise as much as 3.5% this year, as drought in parts of the U.S. and other producing regions drives up prices for many agricultural goods. In the U.S., much of the rise in the food cost comes from higher meat and dairy prices, due in part to tight cattle supplies after years of drought in states such as Texas and California and rising milk demand from fast-growing Asian countries. But prices also are higher for fruits, vegetables, sugar and beverages, according to government data. In futures markets, coffee prices have soared so far this year more than 70%, hogs are up 42% on disease concerns and cocoa has climbed 12% on rising demand, particularly from emerging markets. Learn more at
http://online.wsj.com/news/articles/SB10001424052702303287804579445311778530606?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303287804579445311778530606.html.
