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Economy
US corn production hits 6-year low due to extreme drought
2012-08-11
[Iran Press TV] Corn and soybean production in the United States has slashed to a six-year low as the worst drought in more than 50 years is hitting the country hard.

The US Department of Agriculture announced on Friday that the corn harvest is estimated to drop 13 percent to its lowest level in six years.

The harvest will total 10.779 billion bushels compared with 12.358 billion in 2011 and about 2.2 billion bushels less than it was predicted last month.

The department added that the all-time July's record temperatures across the country have left much of the crops damaged.

About 55 percent of contiguous areas in the US, which is the world's biggest grain producer, are currently experiencing extreme drought.

Corn prices have surged more than 60 percent over the past two months, reaching an all-time high of $8.49 a bushel on the Chicago Board of Trade.

The effect of such high prices is already being felt around the world, raising fears that the 2008 global food crisis could be repeated.

The drought began in the eastern and southern Midwest but has now spread to the central and western areas of the region, including the two main states of the US Corn Belt, Iowa and Illinois.
Posted by:Fred

#14  Well, just look at all the farm subsidies here. Welfare for the rich. Don't have bread, let'm eat cake.

Yes!

We're #3 of 1555 for local wheat subsidies (haven't grown the damn stuff in the better part of a decade but the past two farm bills didn't fund a new recount of acres so we're running on the 1990s numbers). Switched to corn to take advantage of the ethanol mandate.

Aaaand #4 of 1323 for soybean subsidies.

I'd like to thank the Academy ... and all of you kind folks for your most generous contributions!
Posted by: Gerthudion Speaking for Boskone6793   2012-08-11 22:04  

#13  1.5 gallons of ethanol has the energy equivalent of one gallon of gasoline. It would seem that you would need more 10% ethanol fuel to get the same mileage as you do from a gallon of gasoline. Wouldn't 10% ethanol cost more per mile? Wouldn't that make us more dependent on foreign oil? Wouldn't the use of ethanol divert food (corn) to fuel increasing demand and thus making ethanol + gas fuel more expensive? I'm wondering at this point if my thinking is a bit muddled regarding ethanol making us more dependent or less dependant on foreign fuel?
Posted by: JohnQC   2012-08-11 16:04  

#12  Chevron's Richmond refinery is indeed one of the biggest, but I believe damage was limited and most of the plant could be reopened quickly - if political objections can be overcome.
Posted by: Glenmore   2012-08-11 11:24  

#11  The five-year-old EPA Renewable Fuels Standard (RFS), U.S. fuel companies are required to ensure that 9 percent of their gasoline pools are made up of ethanol, which means converting some 40 percent of the corn crop into the biofuel.

US refineries have been adapted to mix ethanol into the gasoline and can no longer mix with natural gas as previously done. The California Chevron refinery fire was one of our largest, producing for stringent CA standards, and it is not known when it can be back online.
Posted by: OmuluqueHapsburg5085   2012-08-11 11:19  

#10  All the rain in the country seems to be falling here in south Louisiana.
Posted by: Glenmore   2012-08-11 10:57  

#9  Well, just look at all the farm subsidies here. Welfare for the rich. Don't have bread, let'm eat cake.
Posted by: Procopius2k   2012-08-11 08:48  

#8  The five-year-old EPA Renewable Fuels Standard (RFS), U.S. fuel companies are required to ensure that 9 percent of their gasoline pools are made up of ethanol, which means converting some 40 percent of the corn crop into the biofuel. The RFS is little more than a giant farm sudsidy which makes your car run less efficiently and buggers smaller engines.

Check out the "poor farmers" by posting your Zipp to the link above. Be sure your blood pressure meds are close by.
Posted by: Besoeker   2012-08-11 08:12  

#7  It still can be used to fatten livestock: Egyptians don't compete for corn with Americans---they compete with Chinese pigs.
Posted by: g(r)omgoru   2012-08-11 07:41  

#6  it is edible. it is just not approved for human consumption by the FDA. a significant difference and since we are talking MME, that approval may not apply.
Posted by: abu do you love   2012-08-11 07:25  

#5  Someone commented recently that the variety of corn used for ethanol is inedible.. So nothing can change until next year at least. Any bets on where we'll see food riots, other than Egypt?
Posted by: trailing wife   2012-08-11 05:58  

#4  Comment by Egyptian Minister for keeping the rabble quiet?
Posted by: g(r)omgoru   2012-08-11 04:17  

#3  can't stop.
Elevators have been removed in many places and replaced with ethanol plants. Good luck using it for feed or food again.
Posted by: Water Modem   2012-08-11 04:14  

#2  See also TOPIX, WORLD NEWS > WORLD OVERUSING UNDERGROUND WATER RESERVES FOR AGRICULTURE.

Can't the blame the Sun on this one - OR CAN WE???
Posted by: JosephMendiola   2012-08-11 01:31  

#1  MIGHT stop Burning the corn as Gas extender,that would stop wastage such as the train wreck that destroyed about 330,00 gallons recently.(Florida about 300.000 bushels burned up) drink or eat it instead.
Posted by: Redneck Jim   2012-08-11 00:26  

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