The Colbert Report: U.S. Agriculture & Drought Disaster

Stephen Colbert interviewed Bruce Babcock, professor of agricultural economics at Iowa State University. Mr. Babcock explained that the U.S. corn crop is being negatively impacted by the current drought in the Midwest. Mr. Babcock warned that food prices will increase because American livestock are fed a "corn heavy diet" and explained that 35 to 40 percent of the crop goes to ethanol, setting up a fight between ethanol plants and livestock producers.