The saying actually goes "knee high by the 4th of July," referencing corn and its temporally desirable height, historically the harbinger of a good harvest. But this year's record heat makes it difficult to tell whether world food prices will go up or not.
Some Illinois analysts report government forecasts on the national corn crop have become increasingly unreliable. Illinois is the second largest producer of corn in the country and more than 50,000 farmers in the state grow it.In the last few years, the U.S.
State fairs - with their deep fried butter on a stick, presidential candidates chowing down on footlong corn dogs, and sadly this past weekend's tragedy at the Indiana State Fair - make national news. County fairs, however, barely make local news. There's not even a Cook County Fair.
For all of us who have bought milk or Corn Flakes lately, the most relevant economic news this week will likely be data on prices. Both the consumer price index and the producer price index come out this week.