Continuing drought in the midwest has caused corn prices to surge 55 percent, and soybean prices to increase nearly 25 percent since early June, topping records set in 2008.
The fallout is impacting biofuels production and prices.
Despite higher prices and reduced corn production, the Environmental Protection Agency (EPA) testified before Congress last week it is "absolutely not" considering a waiver of the Renewable Fuels Standard.
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