Soybean prices have reached a record high, and corn prices are near records in the midst of a rough drought across the Midwest. It could impact all of us soon in the form of higher prices for everything from cereal to chicken.
In the wake of Peregine Financial and MF Global scandals, many farmers are losing faith in commodities brokerages they used to rely on. Regulators and futures industry leaders are hoping to restore confidence with increased oversight and account insurance.
The heat wave is cooling off. But in parts of the Midwest, that is little consolation to farmers whose crops have been badly damaged by the heat, as well as a drought that's being called the worst in decades.