Word: corn
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...corn-growing state, may be down as much as 25%. Normally, corn accounts for a quarter of Illinois farmers' cash income...
...week began, alarming early estimates that half the U.S. corn crop might be wiped out fired a frantic trading rush on the Chicago Board of Trade, the nation's largest commodity market. A 122-year-old record fell when 193 million bushels of corn changed hands in one day. Corn futures jumped their 80-per-bushel daily limit, and so did the price of wheat, oats and soybeans. Though the trading frenzy subsided along with prices at week's end, the blight lifted the price of May corn futures by 240 per bushel last week, to $1.63. Wholesalers...
...swift price rise lined the pockets of many speculators; one corn-pit operative made $500,000 in paper profits. Many farmers face severe financial reverses. Sadly surveying the infestation of the 600 acres of corn that he and his son are raising in Indiana's Gibson County, Melvin Pflug, 52, estimates that only half of it will be worth harvesting. "We'll be lucky if we have enough corn to pay our fertilizer bill," he said...
...biggest impact of the corn blight lies in the future. Country banks, equipment dealers, and others who have made loans to corn farmers, may be unable to collect. Businessmen in small towns will suffer. The retail price of starch and corn syrup-products derived from the 15% of the corn crop not used for feed-will rise almost immediately; corn oil probably will not because it competes directly with cotton and soybean oil. The five-month supply of corn held by the Commodity Credit Corp. should also help limit price rises...
...blight will affect the retail price of corn-fed animals. Housewives are likely to find chicken prices rising in about five or six months. The record numbers of pigs already fattened may actually depress pork prices this winter and next spring, but agronomists predict that higher feed costs could drive up the price of bacon and other cuts of pork by next fall. Beef prices could also rise next fall...