Good morning I’m Clinton Griffiths. With merely a quarter of the nation's corn in good to excellent condition and third of soybeans, the economic impact of the 2012 is starting to take shape. As America’s corn fields bake, the heat and dry weather force recollections of the past. On the tip of every aged tongue are comparisons to 1988. What is different than 1988, is crop insurance. Back then, only about 25% of crops were insured. That led to Congress passing a massive Disaster Assistance Bill. Glaubers says today farmers can do things like insure up to 85% of their crop, insure revenues up to 85% and with the right policy, get paid in harvest time prices. Livestock and poultry owners, however, are bracing for even tougher times ahead. Rising grain prices are lifting feed costs. Economists expect herds and operations to shrink over the next couple of years. At this point all that's left is hope for next year's crops to be rooted in wetter soils and better yields.
Our drought watch coverage begins from Washington DC Where the USDA's chief economist says by looking at the latest crop conditions, 2012 is on pace to surpass that historic benchmark.
The lingering Midwest drought is having an impact on Main Street in farm country. The Rural Main Street Index - or RMI decreased to its lowest level in two years. That’s the bottom line of a report generated by Creighton University economist Ernie Goss. Goss assembles a monthly report on the economic health of rural America. A score of 50 represents growth neutral.
According to the July survey, farmland prices continue to head higher but at a much slower rate.
Recently, Farm Director Al Pell discussed farm-land values with Richard Brock of Brock Associates.
CORN PRICE POLL:
Corn prices reached a new high last week as it plowed past eight dollars. But how high will those prices climb? Our partners at AgWeb wanted to find out.
Today's cropwatch spreads from the eastern seaboard to the rocky mountain state. Many of the comments reflect the big challenges farmers are facing right now. Mike Hoffman joins us from the AgDay weather-center, Mike.
In agribusiness - how far out do you sell your crops - 2013? What about 2014 or even 2015. Is that a good idea? Farm Director Al Pell is back now with this morning's analysis.
Triple digit heat, drought and rising corn prices. That's a recipe for disaster for the nation's dairy farmers. But in Kansas, one dairy farmer has found a sweet solution to part of that problem.
Michael Schwanke and photojournalist George Taylor from AgDay affiliate KWCH show us one creative way to keep costs down and the cows happy.
FOOD AND YOUR FAMILY:
Several consumer groups think soft-drinks should get the same treatment as cigarettes when it comes to packaging. And finally this morning - what's a state fair without the requisite butter sculpture? As the Ohio state fair gets underway, fair goers can gaze at the marvels of a sculpted cow.