While the federal government is spending more on meat and fish, a relief package and a massive farm bill are still mired in Congress and unlikely to move before the presidential election.
As drought continues to affect most of the country, our thoughts and prayers are with the thousands of farm families who have been affected by this disaster. Today, USDA’s focus remains on doing all we can to support farm and ranch families in an uncertain time.
Back home in Kansas we are spending our time looking up to the sky, praying and hoping for rain. Our state, along with much of the country, is suffering from a very serious drought. Crops are dying, cattle are hungry and being sold off, and water is in scarce supply.
As a result of a Congressional mandate passed in 2005 and expanded in 2007, over 40 percent of this year’s greatly depleted corn crop will be diverted from food and livestock, and instead be sold at the gas pump. We are trading our precious, fertile acres of farmland for a small dent in our oil usage. We are prioritizing our goal to reduce oil dependence over providing food to people.
The drought has been awful for farmers, but it could reap a bumper crop of good news for the seed business. With much of this year's corn harvest expected to be a disaster, analysts expect farmers to double down on seed purchases next year to get back on their feet.
For answers, Jim Cramer looks at the technicals.
As the world’s largest importer of American agricultural products, China stands to get walloped by the drought that is ravaging US croplands. Globalpost reports.
From highways in Texas to nuclear power plants in Illinois, the concrete, steel and sophisticated engineering that undergird the nation’s infrastructure are being taxed to worrisome degrees by heat, drought and vicious storms, the New York Times reports.
With large portions of the nation’s corn crop faltering, Cramer thinks investors should consider this stock.
Record high prices of corn and soybean brought on by the worst U.S. drought in 56 years may be triggering a sense of de ja vu for Asia concerned about a repeat of the food scare in 2008, but most economists are downplaying those fears, for now.
Dennis Gartman of The Gartman Letter, offers investment advice for corn and grain traders. "I think corn might still go higher," says Gartman.
The Weather Channel's Carl Parker reports on the worst drought in years, and the state of agriculture in the Midwest.
The price of grains continues its rise on prolonged drought worries, and Mike Harris of Campbell & Company, checks the charts for an investment opportunity. Amelia Bourdeau of Wespac, discusses whether the euro has hit bottom.
Carl Icahn upped his stake in Navistar, with the Fast Money traders; and Barclays and Goldman Sachs are increasing their price forecast for grain futures as corn continues to rally, with Jim Bower, Bower Trading. "If this weather stays inflammatory, and we keep dropping this yield down on soybeans, we could be faced with a protein shortage worldwide in the months to come," says Bower.
CNBC's Jackie DeAngelis and Jane Wells report on the agriculture department's response to widespread drought conditions, Merck's new osteoporosis drug, and the buyer of Edvard Munch's "The Scream."
CNBC's Seema Mody reports Groupon shares have hit an all-time low at $7.80/share and some investors are trying to unload the stock.
The summer drought is driving up commodity prices. CNBC's Jane Wells reports the latest data from the USDA on global supply and demand.
After the US baked in a searing heatwave and as Russia mourns the deaths of more than 100 flood victims, scientists have produced what they say is groundbreaking research linking climate change to recent extreme weather.
A look at why commodity prices are skyrocketing as a result of this summer's drought, with Jason Roose, U.S. Commodities analyst.
The drought is driving corn prices higher, with CNBC's Rick Santelli, and Matthew Scharl, Genesis Research & Asset Management.