Word: cornes
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...Department now figures that the U.S., and the vast world market that its farmers help feed, will have to make do with an American corn crop of only 4.96 billion bu.-12% less than last year's harvest and a startling 26% below the record production predicted earlier (see chart). The soybean crop will be down even lower: it is now projected to be 16% below last year's record output of 1.6 billion bu. and 15% under earlier estimates. The wheat harvest, estimated at 1.84 billion bu., will still top last year's, but by only...
...worst since 1934," says Nebraska Farmer Harold Buethe. Adds Gary Luth of Illinois: "Last year my soybeans were waist-to chest-high by this time. Now they're only ankle-to knee-high." Unless there is a break in the malicious weather this week, the corn crops could be devastated; soybean plantings will begin to burn up within weeks. Even if the rains come soon, this fall's harvest is now all but certain to drop well below amounts needed to restrain inflationary food prices. Says Jim Tippett, an official of the Illinois Farm Bureau: "We need...
Shrinking Income. In part because of the drought, Agriculture Department forecasts for the corn crop have been revised downward, from 6.7 billion bu. in May to 5.9 billion bu. two weeks ago. Since then, conditions have grown worse, and by last week the National Corn Growers Association was predicting that the corn harvest would drop "significantly below" 5.5 billion bu. v. 5.6 billion last year...
...Nebraska, the state with the biggest crop damage, "dry land" farmers (those without irrigation) reckon that they have already lost 75% of the 235 million bu. of corn they expected. Many farmers are holding tight to whatever grain they have, and a lack of feed for Nebraska's record 7.5 million head of cattle is hurting ranchers. In all, Nebraska's farm income could shrink by $2 billion this year. Losses for Iowa and Kansas are conservatively estimated at $3 billion...
Though no food scarcities are yet anticipated, the prospect of smaller crops is already driving up farm prices. After a four-month decline, prices for raw farm products jumped 6% between June 15 and July 15. In that time, wholesale meat prices surged 16%. Corn prices on the Chicago Board of Trade last week stood at $3.65 per bu., up more than $1 from June, and some traders think that they will soon go to $5 or higher. At the same time, soybean prices rose from $5.25 per bu. in June to $8.50, and wheat from...