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News
Corn
Losses Estimated at $1.5 Billion
Posted 26 June 2008
The Iowa Farm Bureau has estimated the loss of this year's corn crop
alone to be $1.5 billion across the Midwest. Many farmers in
Iowa, Illinois and Missouri are looking at a bleak harvest after a
promising start to the planting season.
Farmers were originally optimistic as corn prices continued to climb in
recent weeks and remain above $7 a bushel. The price was driven up by
increased demand from livestock producers, overseas markets and the
ethanol industry.
But a wet, cold spring combined with extreme flooding washed out fields
and the expectations of a bumper crop.
Farmers once expecting one of the most profitable years in recent
memory now will be lucky to recover their costs.
In Iowa, the nation's leading corn-producing state, the Iowa Farm
Bureau has pegged the corn losses at $1.5 billion, plus $1.5 billion in
soybean losses.
It still remains to be seen how much damage the corn crop has suffered
nationwide as flooding is not over in many areas.
For many producers, it is too late in the growing season to replant
flooded areas with corn. An early frost in the fall could damage or
kill the crop and waste any money spent on replanting.
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