This is what corn futures have done over the summer. I know it looks like the same graph we've shown you before, but it isn't. The key difference is the number at the top right. It used to be a high of $7.50. Now corn is predicted to sell for more than $8.00 per bushel in December -- an increase of 60 percent since spring.
Corn futures from CME Group. Click to embiggen.The reason for the price spike, at the risk of sounding like a broken record: the drought. Less corn production, higher corn prices. We've noted that these price increases (and, in fact, expectations of higher prices) will impact other foods over the short- and long-term. But the meat industry is already feeling the pinch this summer -- both because of concerns about corn prices and because animals have less of an appetite during a drought. Smithfield Foods is hedging against increased prices by importing corn from Brazil, a "highly unusual" step.

Sarah Palin proves there's no such thing as global warming
"If people aren't pissed off, it ain't working": A chat with Tom Steyer
Scientists could extract gold with cornstarch instead of cyanide 
What’s that sound? It’s the clock ticking as the timeline for this year’s farm bill process begins to run out. The current bill expires Sept. 30, and we now have less than two weeks before Congress’ month-long recess begins on August 3.
There is something distinctly pathos-inducing about a corn plant dying of thirst. Maybe that’s why coverage of the 2012 drought has focused on commodity crops, especially
Photo by Claire-Marie Harris.
Here's last year's Gulf dead zone. How big will this year's be? (Photo courtesy of NOAA.)
It's that exciting time of the year again when the Senate and House Appropriations Committees get together to hash out the annual agriculture budget. I know, right? Really fun stuff.
"Honey, I shrunk the corn." Scientist Burkhard Schultz examines his miniature corn stalks in the lab. (Photos c/o Purdue University.)
The image the Corn Refiners Association might have hoped to conjure with the term "corn sugar."