The heat wave and drought affecting Iowa has caused damage to the state's corn crop and this year's lack of rain could rival a drought from 1988.
The U.S. Department of Agriculture estimates that 56 percent of the corn crop is in good to excellent condition as of Monday. In the previous week, the department said 63 percent was in good to excellent condition, according to Bloomberg.
According to the National Weather Service, dry conditions are expected to last for another month. Currently, the state is getting about half as much rainfall as it usually gets this time of the year.
"We have a potential disaster developing for the U.S. corn supply," said Peter Meyer, senior director for agricultural commodities at PIRA Energy Group, in an interview with Bloomberg. "This year may be the worst yet."
The drought in 1988 cost the industry $78 billion, according to Bloomberg.
Though analysts initially predicted a record crop for this year with an increase of 20 percent, researchers are worried that in the next two weeks when corn starts to pollinate - a more volatile time - part of the crop will be damaged because of the heat.