As the widespread drought continues to damage grain crops across the Midwest, consumers could soon be facing steeper bills at the grocery store.
"We haven't seen any rain at all, and based on that, food inflation is definitely a real threat," said Phil Flynn, senior energy analyst at the Price Futures Group in Chicago.
The dry, scorching heat has had the most severe impact on corn crops.
Nearly 40% of the corn planted across the nation is in poor or very poor condition, compared to just 11% at this time last year, according to to the U.S. Department of Agriculture
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