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The report, which cut the acreage for corn planting this year by 1 million from the 88 million projected on March 31, left traders using terms such as "game-changer" and "shocking"
Commodity professionals were caught off guard Wednesday by a U.S. Department of Agriculture report showing 1 million fewer acres of corn planted this year than earlier projected, and almost 300 million fewer bushels of corn in storage.
"If the USDA is right, then it turns out we don't have those big corn surpluses after all, and that leaves the market vulnerable to weather," said Don Roose, president of US Commodities in West Des Moines.
Wet weather was already worrying Iowa farmers. Iowa Secretary of Agriculture Bill Northey said Wednesday that June rains "actually caused more damage...Analyst Bryce Knorr of Farm Futures Magazine called the USDA report "shocking," adding that "the news basically suggests that new crop supplies could be up to a billion bushels smaller than previous estimates."
high temperatures are stunting crops' growth and turning pastures brown across the commonwealth
Thailand and Vietnam, the world's two largest rice exporters, face severe drought conditions that threaten to severely undermine this year's crops and global supplies.
Several recent .lines indicate that food prices will continue their swift climb upward. These troubling new reports show that agriculture production and stored grains are critically low and experts are now predicting food shortages. ....
We are back to recession economics and rapidly .ing toward a deeper, longer “Third Depression.” With all recent economic indicators setting new record lows and deficits at record highs, this ship is only going one way folks, down, down
We’ve seen this Beta test before when oil prices reached their peak of $147 in 2008 sending the price of food to the stratosphere. Food staples like rice nearly tripled in six months
Originally posted by ~Lucidity
Oh yay more fear mongering, self-fulfilling prophecy horror from the economy elite of the type that panics people and makes the entire situation worse. Now not only are there no jobs and no money but no food. Let's see...who might benefit from this particular little story....
July 1 (Bloomberg) -- Wheat rose to a seven-week high as speculative investors bet demand will increase because U.S. production of corn, a competing grain used to feed livestock, may not be as big as expected.
Farmers sowed 87.872 million acres (35.6 million hectares) with corn, less than forecast in March, the U.S. Department of Agriculture said yesterday. Corn rose 8.6 percent yesterday, fueling expectations that feedlot managers will use more wheat to fatten cattle. Speculative investors who were net-short 48,883 wheat contracts as of June 22 may be buying futures and liquidating bets that prices would fall.
“The wheat had built up quite a bit of shorts, and there’s a sense that if the corn market rallies, that’ll run the wheat market up,” said Jason Britt, the president of Central States Commodities Inc. in Kansas City, Missouri. “The report caught traders leaning to the short side.”