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U.S. corn surges to record on flood, crop woes (3 posts)

  1. christs4sale
    Administrator

    This is going to bring this to a completely new level.

    "Estimates show 3 million acres of corn under water and probably 2 million didn't get planted. So that gets you up to 5 million or over 700 million bushels, and that takes out the entire carry-out," he said, referring to estimates for grain stocks carried over to the next crop year in September 2009. Weekend reports of more rains and flooding in central Iowa and western Illinois fed the speculative gains on Monday. The two states usually produce a third of U.S. corn and soybeans. Crop loss estimates have flown around the markets since Friday, when agronomist Palle Pedersen of Iowa State said about one-quarter of Iowa's soybean acres and at least 8 percent of the state's corn either have not been seeded or will need replanting due to flooding.

    Replanting of corn and beans this late in the season is problematic becausea the crop will have less time to develop strong root systems, stems, stalks, and leaf cover to withstand harsh heat of July and August, when plants mature. Corn prices have soared since the U.S. Agriculture Department last week trimmed its U.S. corn average yield projection by 5 bushels per acre and cut its season-ending stocks estimate for the 2008/09 marketing year to 673 million bushels -- the smallest in 13 years. That was before last week's flooding.

    http://www.guardian.co.uk/business/feedarticle/758...

    Posted 16 years ago #
  2. truthmod
    Administrator

    University of Illinois Crop Scientist: Planting After June 20 May Cause Yields to Shrink by Half

    http://www.grainnet.com/articles/University_of_Ill...

    A costly deadline looms for many growers in the Midwest, as every day of waiting for the weather to cooperate to plant corn and soybeans reduces potential yields. Research indicates that Illinois growers who plant corn or soybeans near the end of June can expect a 50 percent reduction in crop yield, according to a University of Illinois agriculture expert.

    The U.S. Department of Agriculture reports that corn and soybean growers in several Midwestern states are behind schedule on their planting. A cooler and wetter-than-average spring has left Illinois and Indiana furthest behind on planted corn and soybeans. Several other states are lagging behind their normal planting schedules, but by a lesser margin.

    Posted 16 years ago #
  3. truthmod
    Administrator

    Like almost everything else in the news (remember when the sub prime thing was just starting to break?), maybe this is more serious than we'd like to admit.

    Kevin on Cryptogon, continues to implore his readers to PREPARE for the coming crises. I often feel like one of the apathetic, comfortable urban zombies that he writes about, who do almost nothing significant despite overwhelming information that should inspire urgent action.

    Americans Are Too Stupid to Panic
    http://cryptogon.com/?p=2753

    The food situation is far off the radar screens of Joe Average. It only becomes a problem after it’s too late to do anything substantive to ameliorate conditions. We’ve already seen food riots, armed escorts for grain deliveries, rationing, sharply higher prices. And still, I’m mostly noticing yawns and drugged gurgles from the herd. Meanwhile, the die is all but cast on this year’s lower crop yields.

    If the herd had any idea of what was coming, this show would be over inside of 24 hours. You might be sick of reading this on Cryptogon, but, it’s worth repeating: Use your time wisely.

    Famines May Occur Without Record Crops This Year, Potash Says
    http://www.bloomberg.com/apps/news?pid=20601082...

    US floods hit food prices
    http://us.ft.com/ftgateway/superpage.ft?news_id=ft...

    Consumers were warned to expect even sharper increases in global food prices after US officials said that some of the country’s best farmland was facing its worst flooding for 15 years.

    Agriculture officials and traders said the damage could push up worldwide corn and soyabean prices, which have spiralled in recent days as floods have swamped crops in parts of Iowa, the US’s biggest corn-producing state.

    Posted 16 years ago #

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