Corn hits two-year high on supply worries NEW YORK, N.Y. (AP) — Corn prices closed at their highest levels Friday since the global food crisis of 2008, reflecting tighter supplies that have markets jittery about shortages in the face of growing demand.
Corn started rising early last week after the USDA February forecast showed reserves of corn at their lowest levels in 15 years. U.S. farmers will have only 675 million bushels of corn on hand by the end of August, which is roughly 5 percent of all corn expected to be used by that time and the lowest stocks since the 1995-96 marketing year, according to the USDA.
The reported shortage has encouraged speculators to bid up long-term prices while encouraging commercial users like ethanol makers to snap up supplies, said John Sanow, analyst with Telvent DTN in Omaha, Neb.
Corn for March delivery rose 8 cents to settle at $7.065 a bushel. “We’re in a demand-driven market with short supplies,” Sanow said. “You combine those two things and you can get some pretty pronounced action.”
Corn prices are only allowed to rise each day by 30 cents a bushel, and Sanow said Friday he expected prices to top their all-time high of $7.65 within a few trading days.
40 cattle killed in Iowa barns fire SHERILL, Iowa (AP) — A fire at a Dubuque County farm has destroyed two barns and killed 40 head of cattle.
The sheriff’s office said the barns at Duane Kass’ farm were fully engulfed in flames when firefighters arrived about 1:40 a.m. Saturday. Damage is estimated at $500,000.
The sheriff’s office said that includes the loss of the barns and cattle, as well as various farm and milking equipment, hay and corn. The cause of the fire was not released.
Drought-hit China drills wells to save wheat
BEIJING (AP) — China says it is launching a massive well drilling operation to save the crucial wheat crop stricken by the worst drought in decades.
The plan to drill 1,350 wells across eight northeastern provinces follows the announcement of plans to spend $1 billion to alleviate the drought. China is the world’s largest wheat-growing nation. Expected shortages of the crop in China have already pushed up global prices for the commodity.
The government’s Office of State Flood Control and Drought Relief Headquarters said Friday that as of the previous afternoon, 17 million acres of crops had been affected by drought. Nearly three million people are short of drinking water and China’s Wheat Belt has received virtually no precipitation since October.
Cider mill faces fines for X-mas tree sales
OAKLAND TOWNSHIP, Mich. (AP) — Selling Christmas trees may cost an Oakland Township cider mill owner $7,500 in fines.
Tom Barkham said officials are trying to shut him down because he sells Christmas trees, firewood and tickets for a corn maze. Both sides have been battling since the 59-year-old veterinarian from Dryden bought the cider mill in 1981. The mill was closed for several years and in 1983 the township sued, saying the closure affected the facility’s right to operate in a residential area.
A court order allowed the mill to reopen between Labor Day 2010 and Jan. 1, but guidelines restricted sales to cider, popcorn, mill-related items, and allowed a petting farm. Barkham was found in criminal contempt in January.
Clean Ohio ag easement applications open
REYNOLDSBURG, Ohio — The 2011 Clean Ohio Agricultural Easement Purchase Program application is available on the Ohio Department of Agriculture’s website.
All applications must be submitted electronically no later than 5 p.m. on April 6. A hard copy of the completed application must also be sent by registered or certified mail to the department, postmarked on or before April 6. The applications are used by the department to evaluate and purchase agricultural easements to preserve Ohio’s farmland.
Agricultural easements are voluntary legal agreements restricting nonagricultural development on farmland, with the land itself remaining on the tax rolls and under private ownership and management. Landowners may undertake any agricultural activity permitted under Ohio law. They can sell their farm or pass it along as a gift to others, but the easement remains with the land, prohibiting any future nonagricultural development to make certain that it remains used for agricultural purposes.
To access the application and more information, visit www.agri.ohio.gov |
