Thursday, May 14, 2009

The Debts of the Spenders: Midwest Corn Belt Under Flood Warning

Time is working against farmers who are trying to meet planting deadlines. Indiana and Illinois farmers have not even planted 10-12% of the crop this year b/c of wet conditions on the ground.

Traders got excited today b/c later planted crops run the risk of late harvests (aka frost season). If any readers remember, last year's crop was also planted late but overall good weather (warm summer sun) led to a bountiful harvest (and depressed prices).

See the weather report for yourself. Be sure to click on "Warnings and Forecasts" on the upper left panel. The green patches around the Mississipi as well as further west in the Dakotas indicate extensive flood watches.
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