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Shrinking Income. In part because of the drought, Agriculture Department forecasts for the corn crop have been revised downward, from 6.7 billion bu. in May to 5.9 billion bu. two weeks ago. Since then, conditions have grown worse, and by last week the National Corn Growers Association was predicting that the corn harvest would drop "significantly below" 5.5 billion bu. v. 5.6 billion last year...
...Nebraska, the state with the biggest crop damage, "dry land" farmers (those without irrigation) reckon that they have already lost 75% of the 235 million bu. of corn they expected. Many farmers are holding tight to whatever grain they have, and a lack of feed for Nebraska's record 7.5 million head of cattle is hurting ranchers. In all, Nebraska's farm income could shrink by $2 billion this year. Losses for Iowa and Kansas are conservatively estimated at $3 billion...
...smaller crops is already driving up farm prices. After a four-month decline, prices for raw farm products jumped 6% between June 15 and July 15. In that time, wholesale meat prices surged 16%. Corn prices on the Chicago Board of Trade last week stood at $3.65 per bu., up more than $1 from June, and some traders think that they will soon go to $5 or higher. At the same time, soybean prices rose from $5.25 per bu. in June to $8.50, and wheat from...
...chance that retail food prices will drop has been dimmed further in the past few weeks. The price of wheat on the Chicago Board of Trade has risen from $3.56 per bu. a month ago to $4.36 last week-still below the record $6.45 last February. One reason: farmers have been holding crops back from the market. The price of live cattle has risen from $37 per 100 lbs. two weeks ago to $44.57 last week, and hogs in the last month have gone from $25 to $38.57 -still below their peaks last August. In response to farm-belt complaints...
Harvard skippers Terry Neff and Chris Middendorf, who both learned their sailing on the waters of Cold Spring Harbor, New York, will be sailing familiar boats. Eight races will be sailed in Harvard's Interclub dinghies and another eight in Larks from MIT and BU...