Drought conditions have damaged corn crops throughout the US and may lead to a corn shortage next year.

Analyst Comment: Corn harvesting starts in September and goes through November so there isn’t much time for crops to recover. The crops harvested later this year are the crops consumed next year. USDA crop condition reports show average corn condition nearing a 5-year low. Expect prices of any corn-based products (there are many) to go higher. Low corn production will also increase meat prices by more than expected.