Word: soybeanization
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Nestled among the cotton and soybean fields of Mississippi's table-flat Bolivar County, the tiny (pop. 2,100) all black city of Mound Bayou has few stores, little in the way of employment, and even less for the diversion of its residents. But Mound Bayou does have one civic asset: the Delta Community Hospital and Health Center Inc., a black-run medical complex that provides the people of Bolivar and neighboring counties with first-rate health care regardless of their ability to pay. Mound Bayou may not have its prized institution much longer. The federal aid necessary...
...rice crop has been devastated by the first drought in years. Eastward on the Indian subcontinent, great floods have ruined the Bangladesh harvest. Far off in Africa's Sahel region, six years of drought have only recently been interrupted by rain. In the U.S., both the corn and soybean crops will fall far below expectations this year because of a freakish succession of excess spring rains, summer drought and early fall frost...
...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 8% rather than...
Oddly, consumers could get some initial benefit from the drought. As the prices of corn and soybean feeds rise, farmers are bringing cattle, hogs and other livestock to market early, causing a temporary glut that could help to keep meat prices down-at first. By next winter or spring, though, that oversupply will be exhausted and meat prices probably will rise with a vengeance. There are some signs, too, of a revival of the panicky export buying that in the past has done much to push up U.S. food prices. Foreign buying so far has been no more than moderate...
...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...