Corn prices surged to a new record high Tuesday, as the worst drought in more than 50 years continues to plague more than half the country.
Almost 90% of the United States' corn crops are in drought ravaged areas, according to the U.S. Department of Agriculture, and nearly 40% are situated in the hardest hit spots.
Corn prices have soared more than 50% during the past six weeks as the crops continue to shrivel in relentless dry heat throughout the Midwest. They jumped another 0.7% Tuesday to a record high of $8.20 per bushel on the Chicago Board of Trade.
Expected decreases in future supply will increase prices today.