The Rural Voice, 1993-08, Page 18LIVESTOCK
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14 THE RURAL VOICE
Grain Markets
Prices rise
with flood levels
I'm sure everyone, by now, is aware
of the higher commodity prices as a
result of flooding in the midwest U.S.
The problem right now is in the conflict-
ing reports regarding flooded acres.
The estimates of flooded farmland
range from 700,000 to four million acres
in Iowa alone and these extremes have
caused the markets to move quickly both
ways. The old adage about prices being
good for one group of producers at the
expense of another group is absolutely
true this year. It has taken the woes in
the upper Mississippi to move prices
higher for those who have grain to sell.
But, remember, the shoe was on the
other foot last year weatherwise.
CORN
The Ontario crop looks excellent
although we don't agree with Stats
Canada's acreage figure. The official
figure showed a drop of only two per
cent while we think acreage is down 10
per cent. At any rate, there should be an
excess amount of corn on the market this
fall especially if producers forward con-
tract a fair portion of their crop. Futures
prices have gained as much as 30 cents
/bu over the past month and have now
settled back by about 10 cents. There
are advisors who think the market still
has another 25 cents to 30 cents upside
room to move. If this does happen, it
likely won't happen until after the Aug-
ust 11 report which will update condi-
tions and production as of August 1.
The acreage report that came out June
30 was already out of date by the time it
was released and by the July 11 USDA
report, harvested acres of corn and
production had dropped by almost one
billion bushels to 7.55 billion. The prob-
lem now is to estimate the flood -affected
acres in the midwest. As well as the