Word: droughts
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...with uprooted trees, downed power lines and splintered billboards. But most buildings were still standing. Torrential rains of 15 to 20 inches caused serious flooding in central Texas and destroyed some $400 million in crops, especially cotton. But the downpour also brought desperately needed moisture after a month-long drought...
...Midwest, however, the heat and drought have had a mixed result. Commodity markets have been on a rollercoaster ride of boom and bust this year. Prices went into a tailspin last January, after the President announced the Soviet grain embargo. But reports of the drought began pushing them up again by the end of June. The market has also been helped by the timing of the Soviet decision to resume buying American grain on the last year of a five-year contract. It was announced last week that the Soviets will make an initial purchase of 100,000 metric tons...
...were getting $2.76 at week's end, the highest price in nearly four years. Wheat in central Kansas closed the week at $3.70 per bu., nearly back to the $3.80 price in January. Beef prices, however, will start falling by November because of accelerated slaughtering due to the drought. That will result in somewhat lower beef prices then, but higher ones early next year...
Despite the dramatic losses suffered by farmers from Texas to Georgia, the Department of Agriculture last week reported that the drought so far will have only a modest impact on consumer food prices...
...huge agricultural reserves, like the 1.7 billion bu. of corn and 901 million bu. of wheat from past good harvests, that there is at present no danger of shortages. The recent years of harvest feasts will permit U.S. agriculture as a whole to survive a relatively short period of drought and heat...