Honorary Mention: 2012 North American drought
It might seem premature to rank this summer among the worst U.S. droughts of all time, but it’s clear that the country is suffering from more than an average dry spell. According to a recent report from the U.S. Drought Monitor, 64 percent of the contiguous U.S. is suffering from at least moderate drought; 42 percent of the country is experiencing severe, extreme or exceptional drought, the largest such percentage since the mid-1950s.
Soaring temperatures and dropping precipitation have sparked concerns about the markets, as crop yields continue to drop. Soybeans reached a record $16.8275 late last week, and rising corn and wheat prices are also expected to hit Americans in the wallet. The statistics look grim, but only time will tell where our current drought will ultimately rank on the historical scale.