Hot on Facebook

Guy Buys $123 Safe on eBay, Finds $26,000 Inside Seller tries to get half the cash back, fails »

Grain Prices Surge With Midwest Floods

Water inundating heartland expected to drive food, oil prices still higher

By Rob Quinn, Newser Staff

Posted Jun 14, 2008 9:45 AM CDT

(Newser) – The floods inundating the Midwest are pushing grain prices to new highs, the Wall Street Journal reports. Corn prices jumped 10% to a record high last week as farmland flooded. The domino effects will hit the ethanol industry, hog farmers, and even owners of catfish ponds who rely on corn to feed the fish. Food prices are now forecast to keep climbing for years.

Food processors' share prices have plummeted. At grain processing plants, employees have been diverted to filling sandbags. In Iowa, where the entire state is experiencing flood conditions, hundreds of millions of gallons of ethanol production have been forced off line and experts warn that much more is likely to follow, pushing up the price of oil as much as 15%.

Flood waters from the Wabash River surround this farm in southwest Ind., on Thursday, June 12, 2008. (AP Photo/The Indianapolis Star )

Corn grows in a soggy field near Victor, Iowa, Friday, June 13, 2008. (AP Photo/Sue Ogrocki)

Corn grows in a flooded field near Ladora, Iowa, Friday, June 13, 2008. (AP Photo/Sue Ogrocki)

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

Bush to Visit Flood-Battered Midwest

Political pressure mounts for major flood relief

(NEWSER) - President Bush will visit flood-hit Iowa today to inspect the damage and consult with officials, Reuters reports. The state, along with much of the Midwest, has suffered the worst flooding in at least 15 years. Millions of acres of farmland have been flooded. Pressure on politicians to provide relief is growing. John McCain also plans to pay struggling Iowans a visit today. More»

Floods Ruin Midwest Economy

Food prices repercussions will be felt around the state

(NEWSER) - The floods ravaging the Midwest are taking a catastrophic toll on the region's farmers, and consumers across the country will feel the pinch in higher food prices, MSNBC reports. Even if waters recede quickly, farmers will lose a sizable chunk of the season—they need about 120 growing days—and it may take some farms years to recover. Summed up an official in Illinois: “Livestock was affected. Farmhouses were affected. Machinery was affected, and the land was affected.” More»

Levees Crumbling, Midwest Struggles to Stem Tide

Aging infrastructure is barely coping with severe weather

(NEWSER) - The worst flooding in 15 years has exposed some serious vulnerabilities in the Midwest's aging infrastructure, the Chicago Tribune reports. Levees, bridges, and dams, some a century old, are barely coping with severe storms—while some are collapsing completely. Dikes and levees broke in several states last week after torrential rains, destroying homes and flooding farmland. More»

Missouri River Threatens to Flood Iowa Town

Rising waters have already led to floods in other areas

(NEWSER) - The Midwest continues to struggle with flooding, as a small Iowa town evacuated today to escape the rising waters of the Missouri River. The Army Corps of Engineers is building an emergency levee to hold back the waters, which are expected to reach record levels in the next few weeks thanks to melting snow in the Rockies, heavy rain, and release of reservoir water from Montana and the Dakotas. More»

For Sale: Field of Dreams

$5.4M pricetag for Iowa landmark includes place in film history

(NEWSER) - For sale: 193 acres of Iowa farmland, worth about $1 million but priced at $5.4 million. For the extra money, you get a world-famous baseball diamond that attracts some 65,000 annual visitors, and maybe a bunch of ghosts. That's right—it's the property from Field of Dreams. "It's not a decision that comes lightly," Becky Lansing, who owns the property with her husband, Don, tells the Dubuque Telegraph Herald . More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Grain Prices Surge With Midwest Floods

Water inundating heartland expected to drive food, oil prices still higher

OTHER STORIES ON OUR RADAR

Iowa • Midwest • ethanol • corn • flood • flooding • crops • farmland • grain • farm • commodities

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Bush to Visit Flood-Battered Midwest

Political pressure mounts for major flood relief

Floods Ruin Midwest Economy

Food prices repercussions will be felt around the state

Levees Crumbling, Midwest Struggles to Stem Tide

Aging infrastructure is barely coping with severe weather

Missouri River Threatens to Flood Iowa Town

Rising waters have already led to floods in other areas

For Sale: Field of Dreams

$5.4M pricetag for Iowa landmark includes place in film history

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?

Grain Prices Surge With Midwest Floods

Water inundating heartland expected to drive food, oil prices still higher

Bookmark & Share

OTHER STORIES ON OUR RADAR

Iowa • Midwest • ethanol • corn • flood • flooding • crops • farmland • grain • farm • commodities

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Bush to Visit Flood-Battered Midwest

Political pressure mounts for major flood relief

Floods Ruin Midwest Economy

Food prices repercussions will be felt around the state

Levees Crumbling, Midwest Struggles to Stem Tide

Aging infrastructure is barely coping with severe weather

Missouri River Threatens to Flood Iowa Town

Rising waters have already led to floods in other areas

For Sale: Field of Dreams

$5.4M pricetag for Iowa landmark includes place in film history

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?