The drought that ravaged U.S. corn and soybean crops and spurred record prices may persist, threatening a recovery in production this year that’s needed to bolster global inventories, according to forecasters.
Drought conditions may persist in wheat-growing areas from China, the world’s largest grower and consumer, to the U.S. and Western Europe, hurting crops and lifting prices, British Weather Services said.
Florida’s orange crop, the world’s second largest, may face damage as Tropical Storm Debby drenches groves and causes flooding in some areas, said Jim Dale, a senior risk meteorologist for British Weather Services.
The U.K. and Ireland may have the coldest December since 1890 and one of the snowiest three on record, Jim Dale, a senior meteorologist at British Weather Services in High Wycombe, England, said by e-mail.
Drought in wheat-growing regions in China, the world’s largest producer, may persist for a further month and rain may come “too late” to avert damage to crops, pushing prices higher, British Weather Services said.