Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (42503)	10/8/1999 2:59:00 PM
From: Giraffe	Read Replies (1) \| Respond to of 116764

By The Associated Press WASHINGTON (AP) -- The one-two punch of drought and then Hurricane Floyd has taken its toll on the nation's soybean and cotton crops. The Agriculture Department today lowered its forecast of this year's cotton crop by 6 percent from last month to 16.4 million bales, and reduced its estimate for soybeans by 3 percent to 2.7 billion bushels. North Carolina, which experienced severe flooding in Floyd's wake, lost significant amounts of both soybeans and cotton in addition to 30,000 acres of corn. Kentucky, Ohio and Tennessee also lost soybean production because of the drought, and cotton crops are down in Missouri, Tennessee and Oklahoma. USDA said it expects soybean prices to be 20 cents a bushel higher than previously thought this year, reaching an average of $5 a bushel, because of the decline in production. The government is not allowed to estimate cotton prices. However, supplies of corn and wheat continue to grow, meaning there is little hope for farmers that prices for those commodities will rebound anytime soon. USDA lowered its price estimate for corn by 10 cents a bushel and 5 cents for wheat. ``Overall, we've still got big production in the United States, big production around the world, and you're going to have to see some change in weather or in the farm program to reduce supply,' said Don Roose, president of U.S. Commodities Inc. of West Des Moines, Iowa. Congress is expected to finish work next week on a $8.7 billion bailout of the farm economy, the second such package in as many years, and additional aid is likely to be necessary in 2000, said Sen. Byron Dorgan, D-N.D. ``Congress will be right back in the same set of problems next year trying to put together some emergency package,' he said. USDA increased its forecast of this year's corn crop by 1 percent although the acreage that is being harvested has been reduced because of the flooding in North Carolina. Nationally, corn yields are slightly better than previously expected. The drought started in the East and spread across portions of the Midwest and down across much of the South. It actually turned out to be a boon for some growers in the East. New York is expected to harvest 1.2 million pounds of apples this year, up 160,000 pounds from last year, because the drought reduced insect and disease problems and then September rains came in time to increase the size of the fruit. Production also is up in Pennsylvania and Virginia. New York is a distant second in apple production to Washington, whose production is down sharply this year because of a cool, wet spring. Eastern grape crops also are better this year because of the dry weather. Meanwhile, USDA says this year's orange crop will hit 12.1 million tons, up 22 percent from last year when a freeze badly damaged California's production.