Grain prices keep falling, despite drought
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Grain prices keep dropping, even though more than half of the Lower 48 states remain in a drought. That's good news for inflation. WHY IT MATTERS: If sustained, the decline in wheat,
corn and soybean prices could ease the rise in food costs and help policymakers knock inflation down a bit. DRIVING THE NEWS: Over the last three months, prices for wheat, corn and soybeans
are down about 35%, 25% and 17%, respectively. * That's a remarkable turnaround from the soaring prices seen earlier this year. WHAT'S HAPPENING: a few things. YES, BUT: The U.S.
drought still matters, especially to farmers in the deep South and West. * Cotton farmers in hard-hit areas such as Texas are expected to walk away from more than 12 million acres of
previously planted fields for lack of moisture, the Wall Street Journal reports. WHAT WE'RE WATCHING: The weather, with few signs of relief on the horizon.