After a strong start to the week the stock market today is down on fears of a worldwide economic slowdown. Investors are dealing with weak reports from China and more signs that the drought's effect on U.S. crops is not over. China, the world's second largest economy, has been a leader of global growth, but is showing more and more signs that its economy is slowing. China reported its exports grew just 1% from last July, well below forecasts and much lower than the 11.3% increase in June. Import growth stalled as well, up only 4.7% compared to a year earlier, well below the June growth of 6.3%. At home, the U.S. Dept. of Agriculture released a report today projecting an enormous drop in corn production and an ensuing spike in prices. In its monthly World Agricultural Supply and Demand report, the USDA projected the corn harvest would fall by 2.2 billion bushels, or 22.6 bushels per acre, resulting in a harvest of 123.4 bushels per acre. Analysts had anticipated a decline of 20 bushels per acre and a harvest of 126 bushels per acre. The 2012-2013 crop yield is now expected to be the worst since the 1995-1996 season and prices are soaring. The USDA said it now expects farm prices for corn to reach a record high this season of $7.50 to $8.90 per bushel, sharply higher than its July forecast of $5.40 to $6.40 per bushel. The food crisis is affecting consumers across the world as the United Nations released a report on Thursday indicating that world food prices rose 6% in July.