The thing is... because of the way the Crop Insurance Programs work in many counties.
Say the corn crop is only 40 or 50% of the projected yield.
In some countries or counties you could still harvest it for silage or Feed and leave a sample area to be tested out on for insurance to pay the difference.
Now in the USA, most states you only get crop insurance if you plow it under or it is destroyed.
So there isn't a 50-60% lesser yield.
There is NO crop... NONE. and no groundcover to boot.
Now... GMO planted fields are able to get crop insurance at a lesser rate than Organic.
So every crappy year, more old school farmers are made less viable.
Go over to FinViz and look at the futures..
http://finviz.com/futures_performance.ashx?v=14
Soy is chicken, animal, egg feed.
So now you know what the price is going to be in the grocery store.
They can blow all the sunshine they like about 5% inflation.
Everything made of corn is going up 45% no exceptions.
Buy your Beef and Pork now....not next week... NOW.