The recent floods and cresting rivers in the Midwest are going to have an adverse effect on our pocketbooks. With over two million acres of corn and soybean fields under water and futures prices for corn already at record highs (thanks, ethanol production!), the floods are sending prices for soy and corn flying through the roof on trading floors around the world.

The flooded farmland is also forcing livestock farms to cut back on the amount they normally raise, which will lead to higher prices for beef, pork, and poultry. There are fears that the it could also mean higher prices on turkeys and hams during the holidays. [Crain's, NPR]