Storms Hurt Corn Crop

11 06 2008

Surprise!  Another hit to the corn supply means higher prices at the grocery store for us.  Last week’s storms have flooded fields in Iowa, Illinois, and Indiana where a big chunk of the nation’s corn is grown.

“The crop is in serious trouble,” said Jim Stephens, president of Farmers National Commodities Inc. in Omaha, Nebraska, who helps manage more than 3,600 farms across the Midwest. He said corn will top $8 a bushel this year.

The weather is endangering a U.S. crop already expected by the USDA to decline from last year’s record harvest after farmers planted 8.1 percent fewer acres. Global inventories may fall to the lowest levels in 24 years by Aug. 31, the USDA said.

Most people woud say, just replant.  It’s too late for that too.

The yield potential for corn drops unless plants emerge from the ground before the end of May in the Midwest, according to a University of Illinois study. The USDA estimated 78 percent had emerged as of June 1, compared with 92 percent a year earlier. To produce the best yields, corn needs to pollinate before the arrival of summer weather.

Another hit for consumers.  Maybe the government will stop putting money or resources into Ethanol now and there will be more corn for livestock

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