Corn Surges to Record on U.S. Crop Loss; Soybeans, Wheat Rally

[Divine Discontent]

Source: Bloomberg

June 11 (Bloomberg) -- Corn topped $7 a bushel for the first time, while soybeans and wheat rallied, as Midwest rains and flooding damaged the U.S. crop, threatening to reduce supplies at a time of record demand.

More than 4 million acres of corn were left to be planted as of June 1, before Midwest fields received up to 12 inches (30 centimeters) of rain in the past week, government data show. Some fields in Iowa, the biggest corn-growing state, may receive 6 inches of rain in the next 24 hours, said Mike Tannura, a meteorologist for T-Storm Weather in Chicago.

``It's clearly a panic situation,'' said Gary Rhea, president of Risk Management Partners in Des Moines, Iowa. ``The problem is the market just doesn't know the extent of the acreage and yield losses from the rains.''
<snip>

Read more: http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=arH_jb_T7FpI

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yawn... $7 a bushel... wait, what??? $7 a bushel! We're in deep... IMPEACH THE BASTARDS. Winning a presidency for us means little when Lil Boots is destroying the country!


New Obama Items & Anti-Bush/McSame
www.cafepress.com/warisprofitable

[Lone_Star_Dem]

1. Products that will go up in price:

A list of some products that use corn in one form or another.

Adhesives (glues, pastes, mucilages, gums, etc.)
Aluminum
Antibiotics (penicillin)
Asbestos insulation
Aspirin

Automobiles (everything on wheels)
xxx- cylinder heads
xxx- ethanol - fuel & windshield washer fluid
xxx- spark plugs
xxx- synthetic rubber finishes
xxx- tires

Baby food
Batteries - dry cell
Breakfast cereals
Candies
Canned vegetables
Carbonated beverages
Cheese spreads
Chewing gum
Chocolate products
Coatings on wood, paper & metal
Color carrier in paper & textile printing
Corn chips
Corn meal
Corn oil
Cosmetics
C.M.A. (calcium magnesium acetate)
Crayon and chalk
Degradable plastics
Dessert powders
Dextrose (intravenous solutions, icing sugar)
Disposable diapers
Dyes
Ethyl and butyl alcohol
Explosives - firecrackers
Finished leather
Flour & grits
Frozen foods
Fructose
Fuel ethanol
Gypsum wallboard
Ink for stamping prices in stores
Insecticides
Instant coffee & tea
Insulation, fibreglass
James, jellies and preserves
Ketchup
Latex paint
Leather tanning
Licorice
Livestock feed --- Which effects the price of all meat and dairy products.
Malted products
Margarine
Mayonnaise
Mustard
Paper board, (corrugating, laminating, cardboard)
Paper manufacturing
Paper plates & Cups
Peanut butter
Pharmaceuticals
Potato chips
Rugs, carpets
Salad dressings
Shaving cream & lotions
Shoe polish
Soaps and cleaners
Soft drinks
Starch & glucose - 40+ types
Syrup
Tortillas
Textiles
Toothpaste
Wallpaper
Wheat bread
Whiskey
Yogurts

[Whoa_Nelly]

2. And recession begins its descent to depression n/t

[Divine Discontent]

4. sure lookin' that way, huh! ethanol needs to be stopped I'm afraid. eom

[AdHocSolver]

3. Time to stop turning a food crop (corn) into ethanol to burn up in cars.

Ethanol does NOT save oil. Ethanol does NOT reduce pollution. It is one of the biggest frauds in a decade of scams and frauds. Turning corn into ethanol only increases the profits for agribusinesses, while increasing the cost of just about everything to everyone else.

[Javaman]

5. we are clearly being lead by a bunch of morons*.

using food for fuel. :banghead: