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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.
As the U.S. drought continues and global grain prices soar, G20 leaders are considering an emergency meeting at the end of August to consider what measures to take to combat the growing food crisis. But the surge in corn, soy and wheat prices could also lead to some benefits for the agricultural sector and an opportunity for investors, according to one fund manager.
The worst fears for the U.S. corn crop are being realized, as the government now expects the lowest yield in 17 years and a total crop about a third smaller than what was projected at the start of the growing season.
The recent dry weather affecting crops across the midwest of America will hit the reinsurance industry with perhaps the biggest loss ever, according to Nikolaus von Bomhard, Chairman at Munich Re.
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.
Many people want to spend their later years in an environment that makes them feel like they’ve stumbled upon a secret paradise.
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.
The worst drought in U.S. history is hurting food companies in China and margins are likely to suffer in the second half of the year, even as firms battle rising wages, analysts tell CNBC.
Jobless claims and increasingly soggy-looking earnings news could set the tone for stocks Thursday, after a two-day rally fueled by the prospect of more Fed easing.
Last year, David Struthers’ Iowa corn crop got flattened by wind. This year, it’s getting hit by drought.
Corn futures are heading to record highs on reports of wider crop devastation, and as forecasts show continued hot, dry weather threatening even more of this year’s crop.
Besides having to suffer physically, some small businesses are also seeing sales drop as the temperatures rise.
The U.S. government declared more than 1,000 counties in 26 states drought disasters, as the economic impact of the worst crop conditions in 24 years begins to be felt.
After a multi-week rally, grain prices slumped Tuesday, as traders caught a whiff of summer rain in the forecast, ahead of a major government crop report Wednesday.
The size and quality of the U.S. corn crop continues to deteriorate as scorching heat in the corn belt threatens the crop during its critical pollination, or "tasseling" stage.
The auto industry has been one of the positives in this shaky economy but will it last? Traders will be watching June auto sales on Tuesday—especially after a weak ISM reading.
Crop conditions continue to worsen, to levels not seen since the drought of 1988, threatening the size and quality of the U.S. corn crop as it enters a critical developmental stage.
Farmers have planted the most corn since 1937, but record-setting heat is threatening the crop yield, causing futures prices to jump.
Corn is facing the worst crop conditions in two decades, pushing up prices that could affect everything from cereal to the ethanol in gasoline.