Hot on Facebook

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

Floods Ruin Midwest Economy

Food prices repercussions will be felt around the state

By Nick McMaster, Newser Staff

Posted Jun 20, 2008 2:30 PM CDT

(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.”

Meanwhile, the flooding has suspended barge traffic, leaving farmers’ current harvests to spoil in warehouses. Because of the supply holdups, corn prices have hit an all-time high on the Chicago Board of Trade, money that will go to farmers in drier locales. "Anything grown on a farm is going to see a price increase,” said a food charity director.

Cows find a high spot in a flooded field Monday, Aug. 20, 2007 as National Guard troops man a checkpoint outside Houston, Minn. (AP Photo/Jim Mone)

In this June 17, 2008 file photo, a railroad crossing sign sticks out of the water along the Mississippi River in Burlington, Iowa. (AP Photo/Jeff Roberson, file)

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

Corn grows in a soggy field near Victor, 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

Grain Prices Surge With Midwest Floods

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

(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. More»

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»

Investors Sink Billions in 'Green Gold'

But some worry what happens when bottom falls out of farming

(NEWSER) - Billions of investment dollars are pouring into agriculture as the global demand for food explodes, turning crops such as wheat, corn, and soybeans into green gold, reports the New York Times. And while the immediate impact of more money being fed into agriculture will likely result in increased food production, some critics worry the boom could go bust just as quickly. More»

Another Key Shortage: Fertilizer

Prices skyrocket, ingredients scarce as growing population demands more food

(NEWSER) - One of the less touted factors behind the global food crisis is a shortage in chemical fertilizer, which has helped boost crop yields dramatically and particularly benefited the developing world. But while growing demand is unlikely to be met for many years, the environmental impact of producing and using chemical fertilizers is significant and negative, the New York Times reports. More»

Seed Shortage Buries Hopes for Record Corn Crop

Corn prices may hit record high this year

(NEWSER) - American farmers had been planning the biggest corn planting since World War II this spring, but they're being thwarted by a seed shortage. Drought conditions in the Midwest and Great Plains last year have caused what dealers in the corn belt say is the biggest shortage of top-quality seeds they've ever seen, the Wall Street Journal finds. Corn prices hit a record $8 a bushel last spring, and commodities brokers say another disappointing crop this year could send prices as high as $10. 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

Floods Ruin Midwest Economy

Food prices repercussions will be felt around the state

OTHER STORIES ON OUR RADAR

Midwest • farming • corn • flood • food prices • grain • Midwest floods

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Grain Prices Surge With Midwest Floods

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

Bush to Visit Flood-Battered Midwest

Political pressure mounts for major flood relief

Investors Sink Billions in 'Green Gold'

But some worry what happens when bottom falls out of farming

Another Key Shortage: Fertilizer

Prices skyrocket, ingredients scarce as growing population demands more food

Seed Shortage Buries Hopes for Record Corn Crop

Corn prices may hit record high this year

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?

Floods Ruin Midwest Economy

Food prices repercussions will be felt around the state

Bookmark & Share

OTHER STORIES ON OUR RADAR

Midwest • farming • corn • flood • food prices • grain • Midwest floods

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Grain Prices Surge With Midwest Floods

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

Bush to Visit Flood-Battered Midwest

Political pressure mounts for major flood relief

Investors Sink Billions in 'Green Gold'

But some worry what happens when bottom falls out of farming

Another Key Shortage: Fertilizer

Prices skyrocket, ingredients scarce as growing population demands more food

Seed Shortage Buries Hopes for Record Corn Crop

Corn prices may hit record high this year

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?