Word: soybeans
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...Administration officials argue that they had little choice. Demand for U.S. soybeans and other feed grains has gone through the roof, largely because increasingly affluent foreigners are buying more meat, and overseas sources of feed have declined because of bad weather (see following story). As a result, domestic feed supplies have grown scarce, and prices have zoomed as grain farmers, speculators, wholesalers and other middlemen tried for the fattest prices they could get. In Georgia and Illinois, for example, soybean meal in the past year has leaped from $100 to $400 a ton, and fish meal has gone from...
...report estimates that corn production will hit 6 billion bushels, up 10% from last year, soybean crops will yield 1.55 billion bushels, up 20%, and wheat will come in at 1.7 billion bushels...
...case of soybeans and wheat, the Administration's hopes seem well founded. Realistically assuming soybean plantings of 54 million acres, a modest yield of 27.3 bu. an acre would produce a bounteous crop; good weather could raise this yield to 30 or more bushels and cut the price of beans by as much as 50%. Wheat is headed for a bumper crop of up to 300 million bushels more than last year. There is a good chance that wheat prices will dip this year-unless the Russians come into the market again and bid prices up. Other produce, including...
...Even the eldest Mississippians could not remember such biblical rainfalls (57 in. since last October). Said one: "Everything that could be flooded has been flooded." Perhaps 15% to 20% of the region's cotton crop will have to be written off, along with a large portion of the soybean harvest. An Illinois agricultural official said flood water had devastated 45,000 acres of the winter wheat crop...
...rising waters took their toll. By week's end the flood had claimed 20 lives, routed 25,000 people from their homes and swamped 7,300,000 acres of rich farm land. At least 10% of this year's cotton crop and some of the soybean harvest were threatened. Upriver, as waters receded and mopping up began, farmers around West Alton, Mo., found nearly 10,000 acres of crops covered with silt and debris. But for the most part, the upper Mississippi was secure...