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California Drought Effect on Food Prices – Not Much

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Groundwater, food imports, low fuel prices, and a strong American dollar have more influence on prices than drought.
A South American drought keeps global grain reserves tight, but it could mean good things for North American corn producers.

Breaking Laws of Supply and Demand: Record U.S. Corn Crop Not Likely to Lower Food Prices

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Favorable weather and prices, driven up by growing global demand and a series of droughts, have combined to push U.S. corn production to a new high — but retail food costs are not expected to drop.
Shanghai Drought

Rains Bring Relief For Six-Month China Drought, But Chronic Water Problems Loom

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Although now satiated, the dry spell is the latest in a growing trend of severe water shortages threatening China's food production, energy generation, and accelerating modernization.