USDA Reports Flooding Cuts Corn Acres

BusinessUSDA Reports Flooding Cuts Corn AcresUSDA Reports Flooding Cuts Corn AcresThe Associated PressFarmers will harvest nearly 9 percent fewer acres of corn this year than last year, in part because of Midwest flooding which has damaged a portion of the crop. (June 30)A new report by the Department of Agriculture reveals that farmers will harvest nearly 9 percent fewer acres of corn this year, compared to last. And for consumers, that means another spike in food costs. Flooding in the Midwest is partly to blame - rainfall there was at least 150 percent of normal - but the report also shows that farmers planted nearly 7 percent fewer acres of corn this year.The USDA says the number of planted acres decreased - in part - because of high fertilizer prices, favorable prices for other crops such as soybeans, and a return to normal crop rotation.And with corn futures climbing $1.50 since the beginning of June to around $7.50 a bushel, those increased costs - and the decrease in yield - will put even further strains on consumers at the checkout counter. ___ ___, The Associated Press.(****END****)