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Non-Tech : Farming -- Ignore unavailable to you. Want to Upgrade?

To: Jon Koplik who wrote (52)	7/12/1999 10:03:00 PM
From: Jon Koplik	Read Replies (1) \| Respond to of 4443

Latest USDA predictions for grain and soybean prices. July 12, 1999 USDA Predicts Lower Prices For Wheat, Corn, Soybeans Associated Press WASHINGTON -- The Agriculture Department Monday predicted lower prices for wheat, corn and other major crops, a forecast that bad news for an agriculture economy mired in its worst slump in over a decade. USDA lowered its projected prices for wheat by 15 cents and by five cents for corn and soybeans because crops are doing better than expected. Such price declines usually have little effect on consumers, but the forecast is likely to intensify pressure on Congress to approve another bailout of the farm economy. Farm groups already are asking for up to $8 billion in aid. "These prices are so low they're confiscatory," said Sen. Kent Conrad (D., N.D.), who wants to put $9 billion in farm assistance in a USDA spending bill that's pending in the Senate. Republican congressional leaders have said it's too early in the year to know how much federal aid farmers will need. "Congress is going to have to act. ... I don't think they can wait any longer," said Tom Buis, a lobbyist for the National Farmers Union. "The pressure is too great." While farmers will benefit from the good crops, the higher yields won't offset the low prices, said analyst Don Roose, president of U.S. Commodities Inc. Corn prices could drop another 20 cents a bushel as the growing season progresses, he said. USDA Monday said it expected farmers this year to harvest 1.7 billion bushels of winter wheat, 4% more than was forecast a month ago. Farmers are getting a record 47 bushels per acre despite heavy rainfall last month that delayed the harvest in Kansas, the heart of winter wheat production. Wheat prices are now expected to average $2.45 to $2.95 a bushel. Good weather in the Midwest led USDA to raise its forecast of corn production to 9.7 billion bushels, up from 9.4 billion, last month's projection. Corn prices are expected to average $1.95 a bushel. Copyright © 1999 Dow Jones & Company, Inc. All Rights Reserved.