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The effect of this summer’s drought in the United States may well be felt around the world soon. That’s because the U.S. is the world’s biggest corn exporter. As harvests fall and prices rise, many of world’s poor will feel the squeeze.
More than half of the United States is in one of the worst droughts to hit America in recorded history. Farmers are among those who have suffered the most so far. But fewer crops means higher food prices for all Americans in the months ahead.
Chinese Vice President Xi Jinping along with several Chinese leaders visiting Iowa on Feb. 15 agreed to purchase $4.31 billion worth of U.S. soybeans from Iowa farms. China is expected to sign more deals with a total record purchase of 12 million tons of soybeans this year.
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