Courtesy of Mish.
Corn, soybean and wheat prices have soared lately due to poor crop estimates amid extreme drought conditions in 26 states.
Let’s take a look at those conditions, followed by charts of agricultural commodities
The Atlantic Wire reports U.S. Declares the Largest Natural Disaster Area Ever Due to Drought
AP Photo/Seth Perlman
The blistering summer and ongoing drought conditions have the prompted the U.S. Agriculture Department to declare a federal disaster area in more than 1,000 counties covering 26 states. That’s almost one-third of all the counties in the United States, making it the largest distaster declaration ever made by the USDA.
The declaration covers almost every state in the southern half of the continental U.S. However, it does not include Iowa, which is the largest grain and corn producer in the U.S.
About 53 percent of the country is facing “moderate to extreme drought” so far this summer.
The New York Times reports Drought Worsens for Farmers and Ranchers.
More than 1,000 counties in 26 states across the country were named natural-disaster areas on Thursday in a statement from the U.S. Department of Agriculture. It was the single largest designation in the program’s history and the worst drought since 1988, government officials said.
USDA Announces Disaster Areas
The USDA announces Streamlined Disaster Designation Process with Lower Emergency Loan Rates
July 11, 2012—Agriculture Secretary Tom Vilsack today announced a package of program improvements that will deliver faster and more flexible assistance to farmers and ranchers devastated by natural disasters. ….
SECRETARY VILSACK: Thank you, and thanks to all who are on the call. I am joined today by Juan Garcia, FSA, and Brandon Willis, who is from my office, and if there are very detailed questions, I may ask either one of those gentlemen to help me….
