Word: soybeanization
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...Northwest. Traditionally, the Forest Service has disapproved of messy, tangled old-growth forests, whose dank, rotting understory and ancient trees it has referred to as "overmature" and "decadent." It has preferred to clear-cut the old growth, and then treat trees as if they were very large soybean plants that could be "harvested" for timber on a rotation basis every 60 or 80 or 100 years in "sustained-yield" areas...
...even worse. The Government forecast that the year's corn harvest will reach only 4.48 billion bu., down 37% from last year. A month ago, the decline was pegged at 26%. The estimate of the wheat harvest, down 13% for the year, is virtually unchanged from July, but the soybean crop is looking far more stunted than it did a month ago. Production may total just 1.47 billion bu., off 23% from last year. The Government had previously expected a 13% shortfall...
...subject of a preliminary crop forecast issued by the U.S. Department of Agriculture. The USDA estimated that U.S. grain production in 1988 may be only 212 million metric tons, down 24% from 1987. The corn crop is particularly hard hit -- 26% smaller than last year. The USDA pegged soybean production at 1.65 billion bu., down 13%. Wheat output is expected to decline 13%, to 1.84 billion bu. That drop would be much worse were it not for the winter wheat crop. Planted last fall and almost completely harvested, winter wheat largely escaped drought damage. But the smaller, spring wheat crop...
...assume normal weather for the rest of the growing season, even though most long-range forecasts, including those of the National Weather Service issued last week, predict no break in the hot, dry weather. Chicago's commodities-futures traders tended to believe the worst. Prices for corn, wheat and soybean contracts surged after the USDA forecast was released...
...drought is likely to send meat prices down at first, then higher next year. Many ranchers cannot afford the corn and soybean meal to feed their herds. At the same time, much of the pastureland their cows normally graze has been scorched. As a result, ranchers are slaughtering many more of their cattle than usual. As the meat comes to market, retail prices for beef and pork should decline for the next few months. But by next spring the herds will be reduced, and prices are likely to increase as much as 10% from their current levels. The calf herd...