Reuters / The U.S. drought of 2012, the worst since the dust bowl years of the 1930s, sent world food prices to record highs. The long, dry summer cost the government a record $16 billion in crop insurance payments. The Mississippi River shrank in the heat, and barge traffic slowed to a trickle. And U.S.
U.S. forecasters wary of drought after missing 2012 surprise
U.S. farm banks’ business is booming
Reuters / U.S. agricultural banks boosted farm lending by about 14 per cent in 2012 to $81.8 billion, reflecting a strong farm economy despite drought-related stress in the livestock and dairy sectors, the American Bankers Association said on March 19. “The agricultural sector continues to outperform the broader national economy and, as a result, farm
Cargill to shut Tex. beef plant as U.S. herd shrinks
Agrifood giant Cargill, one of the United States’ largest beef processors, said Thursday it will close its Plainview, Tex. beef plant on Feb. 1 in reaction to the smallest U.S. cattle supply in more than 60 years. "The U.S. cattle herd is at its lowest level since 1952. Increased feed costs resulting from the prolonged
U.S. Plains farmland prices set record but gains slow
Reuters / Average farmland prices in the U.S. Plains states jumped as much as 25 per cent in the third quarter, setting new highs as demand remained strong, according to the Kansas City Federal Reserve. But the rate of gains slowed down from the torrid pace of the past two years. “Drought conditions had little
U.S. Farm Bill could be delayed until April 2013
Reuters / The U.S. Congress could delay passage of a new five-year Farm Bill until spring planting given the full plate of legislation needed after the election to avoid a fiscal cliff with its mandatory U.S. budget cuts, a top farm policy expert said Nov. 5. “My prediction is that we will get a Farm
U.S. farm law expires next week
Expiration of U.S. farm law on Oct. 1, shutting off dairy supports and putting 2013 crop subsidies in limbo, will cause pain for some farmers and frustration for many but programs like food stamps and crop insurance will roll on, analysts said. U.S. government funding is assured through March 2013 for many programs based on
Biggest U.S. farm lender says it will stand by drought-hit customers
Reuters – The Farm Credit System, the largest single lender to U.S. agriculture, said on Sept. 12 it would meet the borrowing needs of rural America and stand by its customers challenged by the worst drought in more than half a century. “The Farm Credit System remains well positioned to meet the borrowing needs of
Cargill posts worst quarter since 1991
Cargill Inc. said Thursday its quarterly earnings fell 82 per cent in the giant U.S. agribusiness firm’s worst quarter in more than 20 years, hurt by volatile commodity markets and weak margins in key areas such as beef and oilseeds. Full-year results were also seen as disappointing, as both sales and profits from the company’s
Cargill adds another beef-processing plant
U.S. agribusiness giant Cargill Inc. said July 12 it bought a former AFA Foods Inc. ground beef-processing plant in Fort Worth, Texas, for $14.1 million, in a move that will add to its already strong position in the U.S. and Canadian consumer market. Based in King of Prussia, Pennsylvania, AFA filed for Chapter 11 protection in
U.S. crops shrivel in record heat, rains expected
The U.S. Midwest will remain extremely hot and dry the next few days, adding more stress to crops already damaged by a summer heat wave, but some relief rains are expected over the weekend, forecasters said. All-time high temperatures were forecast for many U.S. Midwest cities on Thursday. The midday temperature in Chicago was 99
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