Word: feedstuff
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...corn harvest is down 16% from 1979's large crop, and the lower yield has already pushed prices above the $3-per-bu. level, vs. $2.45 for the same period last year. Ranchers, also suffering from the drought and fearing a hike in the price of their prime feedstuff, sent more of their cattle to slaughter earlier in the summer in order to save on feeding them. Initially, this depressed beef prices, but the long-term effect will be to deplete the herds, reduce supply and make meat more expensive later. The production of soybeans, another animal fodder...
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