Thursday, July 5, 2012

Indiana Corn Damage Irreversible

According to corn specialist Bob Nielsen of Purdue University, the damage already done to the corn in the state is "irreversible."

He said, "A break in the drought and heat for the remainder of the
season would certainly minimize further deterioration of the
corn crop but would not result in recovery to anywhere close to
normal yields."

In what was expected to be one of the biggest corn crop in U.S. history, as well as in many states in the nation, has now become a potential victim of the worst drought in the Midwest since 1988.

This is the same story across the Midwest, where new weather forecasts, if accurate, say it could be another couple of weeks before significant rains come.

On the CBoT December corn jumped 34 cents, or 5 percent, to $7.08-1/2 a bushel. It rose another 5 percent on the day, adding to the approximate 25 percent corn prices have risen over the last two weeks.

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