Drought hits corn and soybean US crops

The worst drought in the US in more than half a century has hit corn and soybean production, raising fears over food prices.US Department of Agriculture said on Friday that corn production for 2012 to 2013 would reach only 10.8 billion bushels, the lowest in six years. That's 17 percent lower than the estimates in July.

The prediction for soybean production has also been slashed by 12 percent from the previous forecast to 2.7 billion bushels. US is the world's biggest producer of corn and soybeans. But the key Midwest growing area has been seriously hit by drought and heat waves.Crop prices are already at a record high and the weak harvest could see them soar even higher