USDA Slashes Crop Yield Projections

There may be nowhere to go but down for two of the country's biggest cash crops and up for food prices.

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"An immediate, temporary suspension of that [ethanol] mandate would give some respite to the market and allow more of the crop to be channelled towards food and feed uses," he wrote.

The USDA will issue its next yield projections in early September, providing a slightly clearer picture of how much drought damage farmers and consumers alike can expect to see. Even if the weather improves for the nation's farmers, the outlook will still likely be gloomy.

Danielle Kurtzleben is a business and economics reporter for U.S. News & World Report. Connect with her on Twitter at @titonka or via E-mail at dkurtzleben@usnews.com.