Grain prices have shot up in recent weeks, as dry, hot weather continues to wreak havoc on the Midwest and threaten the crops planted there.
In fact, corn and wheat futures have spiked more than 30% during the past month, while soybean futures are up almost 20%. Last week, the U.S. Department of Agriculture estimated that corn production would fall 12% this month, sending the price per bushel of corn near record highs.
Analysts don't expect to see much relief from current prices unless the weather improves.
Prices for feedstock grains like corn and soybeans are also getting a boost as the middle classes in India and China grow, and begin to include more meat in their diets.
A mixture of accounting moves and rosy assumptions appears to harpooned JPMorgan's huge trading loss.
|Elon Musk to Tesla employees: NEVER discount a car|
|Big names, big viewership: 'Saturday Night Live' gets ready to mock Trump and Clinton|
|Wells Fargo illegally seizes soldier's car: 'I just think it sucks'|
|Worried about fake bank accounts in your name? Here's what you need to know|
|Wells Fargo settlement: Bank illegally repossessed 413 service members' cars|