Drought in U.S. reaching levels not seen in 50 years, pushing up crop prices - Basketball Forum : Professional and College Basketball Forums

**Prince** · 07-17-2012, 12:41 AM

Quote:

A drought gripping the Corn Belt and more than half the United States has reached proportions not seen in more than 50 years, the government reported Monday, jacking up crop prices and threatening to drive up the cost of food.

Though agriculture is a small part of the U.S. economy, the shortfall comes as the nation struggles to regain its economic footing. Last week, the Agriculture Department declared more than 1,000 counties in 26 states as natural-disaster areas.

About 55 percent of the continental United States is now designated as in moderate drought or worse, the largest percentage since December 1956, according to the National Climatic Data Center, and the outlook is grim.

“The drought could get a lot worse before it gets better,” said Joe Glauber, chief economist at the Agriculture Department.

Corn is among the most valuable of U.S. crops, and its price has multiple economic ripple effects, reaching into food and energy markets. Rising corn prices mean higher costs for beef producers that use it to feed their livestock. The increase also means that some fields planted with other crops will be shifted into corn production. And a corn price spike can put upward pressure on the price of ethanol, which consumes more than a third of the U.S. harvest.

Over the past two months, the price of a bushel of corn has risen more than 50 percent to $7.72.

The United States has already cut its estimates of the corn harvest by 12 percent, and given the forecast for continuing dryness, the figure could drop further, officials said.

“Minimally, we have lost 10 percent of the crop, and it wouldn’t surprise me if we have lost 20 percent,” said Bill Lapp, president of Advanced Economic Solutions, an Omaha-based commodity consulting firm. “We have not seen this kind of weather in at least 30 years. Farmers in many areas are resigned to the fact that they have anywhere from modest losses to complete losses of their crop.”

Forecasters expect a high-pressure area to remain entrenched over the Rockies and central United States. As a result, any storm systems will probably track across southern Canada, missing the worst-affected areas.

The bottom line: No significant rain is expected.

http://www.washingtonpost.com/busine...y.html?hpid=z1

Nimreitz · 07-17-2012, 12:48 AM

Meh. I'm poor and this won't affect my budget at all. No big deal. I don't care about weather and HATE when people try to talk to me with "some weather we're having". Please just say something interesting. I'll make an exception if you just walked in out of a storm, there was something big like a hurricane or tornado, or it directly effected you like made you slide on the icy road and hit another car.

**E.H. Munro** · 07-17-2012, 08:29 AM

The easy solution, of course, is to put an end to the Archer Daniels Midland welfare program and end the ethanol subsidies. Even the greens are against it because it damages the environment.

**Geaux Tigers** · 07-17-2012, 08:55 AM

This entire nation is fueled by corn...

I have seen an increase in all my animals feed costs because of this drought. Drought conditions have been getting worse over the past 5 years. All Louisiana/Arkansas/Mississippi hay is being shipped to Texas where the drought was more severe last year than this year and the price of hay TRIPLED. Chicken feed was $12 for a 50lb bag when I started farming. Now it's $14-$16. A lot of farmers have raised prices on eggs from $4 a dozen to $5 at the local farmers markets. Some of these aren't even organic eggs! So keep trying to run your cars off corn cause you thought it was cool in that documentary...and keep paying through the nose at the pump AND at the grocery.

**Diable** · 07-17-2012, 09:46 AM

Corn ethanol is a total scam. The yield is so slight it really makes no sense at all. Now the Brazilians have really been successful producing ethanol from sugar and there are other crops which make a lot more sense, but corn is just foolish. Of course the people who matter in this argument are getting greased by the corporate farmers and the people who make ethanol.

Nimreitz · 07-17-2012, 09:46 AM

I'll say if BBF has made a difference in any opinion of mine its corn ethanol. Yeah, that just needs to stop.

**Geaux Tigers** · 07-19-2012, 12:14 AM

I figured one of the reasons we haven't experienced alien contact is because at some point in their evolution intelligent beings decide to use up valuable food resources as fuel at around the same time they start working increasingly further from home.

07-17-2012, 12:48 AM	#2 (permalink)
Nimreitz Legend Join Date: May 2003 Location: Milwaukee, WI Age: 29 Posts: 16,247 Rep Power: 14813408	Re: Drought in U.S. reaching levels not seen in 50 years, pushing up crop prices Meh. I'm poor and this won't affect my budget at all. No big deal. I don't care about weather and HATE when people try to talk to me with "some weather we're having". Please just say something interesting. I'll make an exception if you just walked in out of a storm, there was something big like a hurricane or tornado, or it directly effected you like made you slide on the icy road and hit another car.

07-17-2012, 08:29 AM	#3 (permalink)
E.H. Munro Baddest Honky Mofo Alive Join Date: Jun 2004 Posts: 24,253 Rep Power: 21474869	Re: Drought in U.S. reaching levels not seen in 50 years, pushing up crop prices The easy solution, of course, is to put an end to the Archer Daniels Midland welfare program and end the ethanol subsidies. Even the greens are against it because it damages the environment. __________________ If everyone loves you you're doing it wrong. "Opium is the religion of the masses." Fred Reed The Power of 99 Press "He thinks it's going to be fun being governor. It's only fun being governor of New York if you have money to spend, and I spent it all." Nelson Rockefeller on his successor, Hugh Carey.

07-17-2012, 08:55 AM	#4 (permalink)
Geaux Tigers Wheres the gameclock in this place? Join Date: Apr 2004 Location: Louisiana Age: 28 Posts: 12,608 Rep Power: 12100097	Re: Drought in U.S. reaching levels not seen in 50 years, pushing up crop prices This entire nation is fueled by corn... I have seen an increase in all my animals feed costs because of this drought. Drought conditions have been getting worse over the past 5 years. All Louisiana/Arkansas/Mississippi hay is being shipped to Texas where the drought was more severe last year than this year and the price of hay TRIPLED. Chicken feed was $12 for a 50lb bag when I started farming. Now it's $14-$16. A lot of farmers have raised prices on eggs from $4 a dozen to $5 at the local farmers markets. Some of these aren't even organic eggs! So keep trying to run your cars off corn cause you thought it was cool in that documentary...and keep paying through the nose at the pump AND at the grocery. __________________ "Louisiana has a heritage of great players that play their high school football within the boundaries of Louisiana." "As soon as we know exactly who we are playing and what date we will be playing on, the schedule will become more finite." "If we're defending, come see the trophy, it's in our trophy case. We're not defending it; it's there." - Les Miles

07-17-2012, 09:46 AM	#5 (permalink)
Diable Limehouse Blues Join Date: Apr 2005 Location: North Carolina Posts: 22,127 Rep Power: 14577544	Re: Drought in U.S. reaching levels not seen in 50 years, pushing up crop prices Corn ethanol is a total scam. The yield is so slight it really makes no sense at all. Now the Brazilians have really been successful producing ethanol from sugar and there are other crops which make a lot more sense, but corn is just foolish. Of course the people who matter in this argument are getting greased by the corporate farmers and the people who make ethanol. __________________

07-17-2012, 09:46 AM	#6 (permalink)
Nimreitz Legend Join Date: May 2003 Location: Milwaukee, WI Age: 29 Posts: 16,247 Rep Power: 14813408	Re: Drought in U.S. reaching levels not seen in 50 years, pushing up crop prices I'll say if BBF has made a difference in any opinion of mine its corn ethanol. Yeah, that just needs to stop.

07-19-2012, 12:14 AM	#7 (permalink)
Geaux Tigers Wheres the gameclock in this place? Join Date: Apr 2004 Location: Louisiana Age: 28 Posts: 12,608 Rep Power: 12100097	Re: Drought in U.S. reaching levels not seen in 50 years, pushing up crop prices I figured one of the reasons we haven't experienced alien contact is because at some point in their evolution intelligent beings decide to use up valuable food resources as fuel at around the same time they start working increasingly further from home. __________________ "Louisiana has a heritage of great players that play their high school football within the boundaries of Louisiana." "As soon as we know exactly who we are playing and what date we will be playing on, the schedule will become more finite." "If we're defending, come see the trophy, it's in our trophy case. We're not defending it; it's there." - Les Miles

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