Word: soybeans
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...combines rumbled through golden Dakota wheatfields last week, all signs pointed to a handsome harvest. The corn belt through Indiana, Illinois and Iowa was a healthy bright green, and soybean fields from Minnesota to Missouri sprouted lush and leafy plants. But bounty is a mixed blessing for American farmers, who are mired in a deepening agricultural depression. "This is the crop of our lives," says Roger Ellison, who farms 400 acres of corn and soybeans 45 miles north of Columbia, Mo. "The sad thing is, there's no price in the market...
...report released last week by the Department of Agriculture gave a preview of just how tough the market will be. The survey predicted that the corn crop will increase by 8% from last year, to a record 8.27 billion bu. The soybean harvest is expected to be up 5%, to 1.96 billion bu., while cotton production will rise 6%, to 13.8 million bales. These bumper crops are sure to depress agricultural prices, which are already at extraordinarily low levels. Corn is selling for $2.32 per bu., down from $3.36 in June of 1984. Soy beans, which sold...
...Worldwide food demand increases; corn, soybean and wheat prices rise sharply...
With a Harvard degree in biomedical engineering, Mitchell is no average farmer. After graduating in 1999, he worked and traveled for a year. He then took the unusual step of returning to the family farm where his father and great-uncle still work in the corn and soybean fields and his mom handles the bookkeeping. In the face of soaring costs and fluctuating crop prices, family farms nationwide have faced increasing difficulty, and many have shut down. Since his return, Mitchell has morphed his old farm into a technological experiment--making the farm economically stronger and environmentally sound. "The technology...
...make like the rich and famous and host a posh wine and schmoozing affair in the store’s Restaurant L, which features minimalist slate gray walls, weird-looking flowers and hip-looking people. Select from an hors d’oeuvres list that includes prawn tempura, soybean wontons and crab cakes with avocado mousse and cotton candy. Manager and sommelier Brick Loomis promises to arrange mood-setting candles and negotiable fees...