(Bloomberg) -- A flash drought that has taken hold of much of the US is threatening to push beef prices higher and could damage winter wheat crops across the Great Plains.
The amount of land affected by all classes of drought increased through October across the country and now covers more than 45% of the contiguous US, Mark Svoboda, director of the National Drought Mitigation Center, said in a call with reporters. About 31% of that area was in drought at the start of last month.
‘It meets the criteria of a flash drought,” Svoboda said. “It really is the textbook definition of a rapidly intensifying drought.”
While the dryness in the East has led to wildfires and water shortages, it’s the drought across the Great Plains that has led to higher beef prices, which will linger into 2025, Svoboda said. That’s because there is less vegetation to feed livestock, which has sometimes led to herds being culled early.
Meanwhile, as much as 50% of the winter wheat crop is in danger because the plants need soil moisture to strengthen and to be insulated from freezes, Svoboda said.
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