Word: wheated
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...last year's harvest and a startling 26% below the record production predicted earlier (see chart). The soybean crop will be down even lower: it is now projected to be 16% below last year's record output of 1.6 billion bu. and 15% under earlier estimates. The wheat harvest, estimated at 1.84 billion bu., will still top last year's, but by only 8% rather than the 27% predicted in forecasts back in the spring. Total U.S. production of all crops is now expected to drop back to the level of two years ago, about 6% below...
...discouraged. "So much damage has already been done," says Billy Ray Gowdy, commissioner of agriculture in Oklahoma, where farmers are worried that there will not be enough rain for a good sorghum harvest and that the soil will be far too dry to plant a new crop of winter wheat...
...crop and is now mowing it to feed his 80-head dairy herd. On the other hand, many large and middle-size farmers, who earned the bulk of the $32 billion in agricultural income last year, have enough financial protection to tide them over. Indeed, many big wheat farmers, who brought in their winter harvest before the drought struck, stand to make a bundle because they are holding back an unusually large proportion of their crop until prices are forced up still higher. Worst off are the cattle raisers, who overproduced in recent years in hopes of making plump profits...
...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...
Export Outlook. The outlook for farm exports, which the White House had hoped would offset the enormous cost of oil imports, is uncertain. Europeans and other foreigners are expecting satisfactory crops of wheat and feed grains and are less eager than in recent years to buy American farm goods. But further declines in U.S. crop expectations could well start a new rush of foreign buyers seeking to build their reserves as a hedge against future shortages. That might be a boon for the American trade balance, but it would kick the nation's food prices even higher. In addition...