The drought is also impacting the U.S. barley crop. According to USDA meteorologist Brad Rippey this year's crop is being harvest more quickly than usual. He noted that 13% of the barley crop was harvested as of August 1st, a head of the five-year average of 8%.

"Barley condition continues to head the wrong direction. Just 21% good to excellent, 55% very poor to poor. That's another decline from last week's 22% and 51% respectively. And just like spring wheat, those numbers are significantly flipped from last year. We have a very good barley crop in 2020 that at this time was rated 81% very good to excellent and just 3% very poor to poor," Rippey said.

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