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Wed June 25, 2008
Midwest floods affecting Northeast Texas, Nation
By Scott Harvey
As citizens continue to cope with high gas prices, food prices are also showing similar signs. Recent flood waters in the Midwest have certainly played a role, as millions of acres of crops have been damaged.
Agriculture Agent with Texas Agri-life Extension Service in Hopkins County Larry Spradlin says the economic impact is definitely being seen on the national level.
He says anytime such flooding occurs, that delays farmers from getting into those fields to plant and or harvest their crops. This will limit production and ultimately shorten the nation's supply, driving prices higher.
The cost of cattle feed is also pushing upward, especially impacting Texans where millions of bushels of corn are bought each year for that purpose. Spradlin says because a majority of corn and other crops are needed; the nation as a whole will suffer when such an area heavily relied on to produce is unable to do so.
Corn prices are currently hovering near an unprecedented $8 a bushel, up from about $4 a year ago. Iowa is said to be the nation's number one producer of both corn and soybeans.
An estimated 2 million or more acres of flooded corn and soybean fields have been reported in Iowa, Indiana, Illinois and other key growing states.