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Midwest flooding could push prices of food higher

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posted on Jun, 13 2008 @ 06:18 PM
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Midwest flooding could push prices of food higher


www.usatoday.com

The turmoil in the nation's breadbasket led the Agriculture Department this week to shave 3% from this year's corn crop prediction, a rare move so early in the season. Corn topped $7 a bushel for the first time as heavy rains in Indiana, Illinois, Missouri, Iowa and Wisconsin — combined with growing demand for corn-based ethanol — pushed prices up.

"It's clearly a panic situation," said Gary Rhea, president of Risk Management Partners, a marketing firm here.

As much as one-quarter of the crops in the southern third of Wisconsin may be gone, said Paul Zimmerman of the Wisconsin Farm Bureau Federation. "We're talking a couple hundred thousand acres of corn that could be in jeopardy" and a comparable amount of soybeans, he said.
(visit the link for the full news article)




posted on Jun, 13 2008 @ 06:18 PM
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Food Crisis and now this, after we pretty much emptied out Food Reserve Bank.

www.usatoday.com
(visit the link for the full news article)



posted on Jun, 13 2008 @ 06:49 PM
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TRUE, true true... I have an organic farm and am having one heck of a year, a bad one that is. Some things I could bnot plant at all, Some things got to much rain, some places you cant get into till, its awful, and yes it will most certainly reflect on the economy and at the local markets. When you go to buy that 5 dollar tomato, ear of corn and head of lettuce, it will ring true. Is it natural or manmade? Weather Modification or the wrath of Nature? Im freaking, and you should be too.



posted on Jun, 13 2008 @ 08:15 PM
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reply to post by xstealth
 


I checked with my brother the Iowa farmer. Our old farm has a few low areas where water is standing and the corn is yellow. But all and all our land is looking like it will produce towards that 200 bu/ acre we all hope for. Our area (western Iowa) is getting nice little regular rains.

What I'm saying is that there is probably nowhere that is hurting for rain in the midwest so the areas that aren't flooded should do well and compensate at least partially for the floods. I think there will be a lot of happy farmers although it is still early in the season. Wet weather hampers harvests too.

The other factor is that there is truely a world market in corn these days. The midwest is no longer the biggest player in the game. Brazil now produces over half of the world corn market (53 million tons of a total of 95.1 MT). The USDA forecast for the US corn is down to 11.7 billion bu. down from 12.1 BB acc. to the article I read. That's only 3% but I've seen predictions in the range of 10% less.

Wet weather affects other crops in various ways, too. Moist conditions lead to rot and decay, cool weather harms some crops like tomatoes and pickles, muddy fields prevent harvest, etc.



posted on Jun, 13 2008 @ 08:22 PM
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It looks like it alreay is pushing it higher, corn is breaking records now. We're growing some of our own this year. We grow some food every year, but this year we expanded.

The weather is being very good to us this year, already the garden is being productive. Getting lettuce, brocoli, peppers, green beans and peas.



posted on Jun, 13 2008 @ 08:34 PM
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damn

i know there's no secret conspiracy to this

but damn, if someone really wanted to gradually reduce population and drastically hurt the economy and social civility while giving more reason for more security budget, holy # then his execution would be so strategic



posted on Jun, 13 2008 @ 08:51 PM
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And we JUST sold almost all of our grain reserves!!


How nice.



posted on Jun, 13 2008 @ 08:52 PM
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reply to post by ModernAcademia
 


No secret conspiracy?

Well, it's not much of a secret, but it is a conspiracy. Under normal circumstances, we could absorb these spikes, but with the economy in it's current state, it hurts.

The cost of fuel along with the devaluation of the dollar also contribute to the problem. It's been coming for at least 2 years and yes it's so perfect and suits the desires of certain groups of people so well that you would think it would have to be planned. At least in part.



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