Source: Iowa State University

With projections indicating that the uncapped oil well in the Gulf of Mexico won't be contained until late summer, U.S. and overseas grain prices could be affected, according to Iowa State University Extension grain markets specialist Chad Hart.

Hart, assistant professor of economics, says that if the oil slick enters the shipping lanes there could be a slowdown in shipping traffic.

"If the oil slick got into what is called the Southwest Passage — which is a canal that goes from New Orleans out to the Gulf of Mexico — we would be looking at severe delays in getting our corn and soybeans shipped overseas," said Hart.

More information