Wild weather in the US Midwest has caused havoc on agricultural markets
Soyabean and corn prices have risen dramatically in the last month due to fears that storms, in the key grain growing region in the US, will cause a shortage in supply.
A soyabean processing and packaging plant in Illinois was shut down for four days as it was encircled by muddy water. There have also been reports of corn stalks flattened by gusts of wind, fields too wet to drive on and silos being submerged.
Surveys conducted by the US Department of Agriculture (USDA) earlier this year indicated that US farmers had intended to plant 89.2m acres of corn and a record high 84.6m acres of soyabeans. However, after the downpours, experts are not so sure. An updated report from the USDA is expected next Tuesday, 30 June 2015.
“The adjustment in acreage the USDA imparts on Tuesday will be worth watching closely,” said Bill Lapp from consultancy business Advanced Economic solutions.
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The conditions are also delaying harvest of winter wheat which could potentially mean that moisture may damage the grain quality before it reaches the mill.
The only upside of the storms is that there will be sufficient soil moisture to guard against drought later in the summer, giving corn and soyabean pods the chance to fill out. But it is worth noting that as the US is the world’s largest producer of soyabeans and corn, it is very important in steering world grain prices.
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Title: Wild weather in the US Midwest has caused havoc on agricultural markets
Soyabean and corn prices have risen dramatically in the last month due to fears that storms, in the key grain growing region in the US, will cause a shortage in supply.
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A soyabean processing and packaging plant in Illinois was shut down for four days as it was encircled by muddy water. There have also been reports of corn stalks flattened by gusts of wind, fields too wet to drive on and silos being submerged.
Surveys conducted by the US Department of Agriculture (USDA) earlier this year indicated that US farmers had intended to plant 89.2m acres of corn and a record high 84.6m acres of soyabeans. However, after the downpours, experts are not so sure. An updated report from the USDA is expected next Tuesday, 30 June 2015.
“The adjustment in acreage the USDA imparts on Tuesday will be worth watching closely,” said Bill Lapp from consultancy business Advanced Economic solutions.
The conditions are also delaying harvest of winter wheat which could potentially mean that moisture may damage the grain quality before it reaches the mill.
The only upside of the storms is that there will be sufficient soil moisture to guard against drought later in the summer, giving corn and soyabean pods the chance to fill out. But it is worth noting that as the US is the world’s largest producer of soyabeans and corn, it is very important in steering world grain prices.
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