2011 Drought Led to Largest Crop Insurance P…

Ten years ago, prices for commodities like corn, wheat, rice, soybeans and cotton spiked three years after the last price spike around 2008. A confluence of events including droughts in Russia, Argentina, East Africa, the U.S., and China as well as heavy rains in Australia and Europe, a cold freeze in Mexico, and subsequent trade restrictions would lead to substantially higher prices, but also historically high futures prices

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