America is suffering the worst drought since the Dust Bowl of the 1930s. Great swaths of the nation have been swept by a record heat wave which when combined with a decrease in average rainfall equals a catastrophe of critical proportions for the breadbasket of America.

Two months ago, American farmers were planting the largest corn crop in the last 75 years and expecting an enormous yield come harvest time. Now, the outlook is bleak. The drought is scorching the nation and withering corn, soy, wheat and sorghum crops over vast tracts of the Midwest.

The latest report from the Agricultural Department predicts corn yields at 13 percent lower than last year—the lowest since 1995. Judging by skyrocketing corn prices, some analysts believe the harvest will not even meet those disappointing levels.

Since the U.S. is the world’s largest producer of corn, analysts are concerned about the effect its drought will have on global markets. Food prices are already up 6 percent across the board this year, and the surging price of corn, soy, sorghum and wheat is helping to drive grocery bills even higher.

Countries that import a lot of food will be hurt the most. Modiri Mogende of the Botswana Gazette is worried that Botswana, which relies heavily on grain imports, will find itself “in the wake of the storm” caused by the drought. Yaneer Bar-Yam, president of New England Complex Systems Institute and author of a white paper on the drought’s worldwide implications, said that food prices will likely go through the roof: “We’ve created an unstable system. Globally, we are very vulnerable.”

The signs aren’t pointing to a recovery either. The National Integrated Drought Information System (nidis) shows more than half of the nation under severe drought, with signs of either persisting or intensifying conditions in the coming months. That means food prices will likely continue rising through the end of this year, possibly carrying over into 2013.

For a deeper look at the far-reaching impacts of the record drought, read Brad Macdonald’s article “The Global Consequences of America’s Drought.”