Drought Devastates Corn Crops

The insurance industry faces its biggest ever loss in agriculture as the worst drought to hit the US in more than half a century devastates the country's multibillion-dollar corn and soybean crops, triggering large claims. [CNN]

Higher corn costs, brought on by the most severe U.S. drought in 56 years, has renewed attention on the 5-year-old federal mandate to increase the amount of ethanol blended into gasoline. [Tulsa World]