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.

Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (65196)	5/10/2002 10:25:40 AM
From: Les H	Read Replies (1) \| Respond to of 99280

U.S. wheat acreage lowest since 1917 By PHILIP BRASHER The Associated Press 5/10/02 8:39 AM WASHINGTON (AP) -- With parts of the Great Plains gripped by drought, the government predicted Friday that farmers will harvest just 30.2 million acres of winter wheat this year, the lowest acreage in 85 years. The forecasted acreage is down 4 percent from a year ago, the Agriculture Department said in its monthly survey of crop conditions. The nation's wheat acreage has been falling steadily since enactment of the 1996 Freedom to Farm law, which encouraged farmers to switch to crops such as soybeans and corn that offered better prices or higher subsidies. But dry weather has also taken a toll on this year's crop. By the last week of April, crop conditions were the poorest they had been for any corresponding period since 1989, USDA said. Farmers are expected to harvest an average of 43.1 bushels per acre, down from 43.5 bushels in 2001. In Kansas, usually the nation's No. 1 wheat producer, just 25 percent of the crop was rated good to excellent at the end of April and the average yield is expected to dip to 37 bushels an acre, down from 40 bushels last year. In Texas, 24 percent was considered good to excellent, and in Oklahoma, 34 percent. Winter wheat, which is planted in the fall and harvested in the spring, is used primarily for bread. About half of U.S. wheat is sold for export. A smaller crop often means farmers will get higher prices for what they do harvest, but that may not be the case this year because USDA is projecting the lowest exports in 30 years. The department said prices would range from $2.50 to $3.10 a bushel, compared to $2.78 for last year's crop. The new farm bill, which received final congressional approval this week, will raise the subsidy rate for wheat by about 9 percent, but industry officials say they don't expect much increase in acreage in coming years.