WASHINGTON (Reuters) – U.S. taxpayers will pay a record $15 billion to subsidize the privately run crop insurance program this year, double the recent cost due to devastating drought in the Farm Belt.
The program’s runaway costs are in focus as Congress looks for ways to cut government spending, making crop insurance a bigger target for reforms.
WASHINGTON, Oct 11 (Reuters) – U.S. and world corn stocks
will be tighter than expected well into 2013 and drought has
slashed the wheat crop in leading exporter Australia, the U.S.
government forecast on Thursday, fueling a surge in futures
It was the second time in two weeks the Department of
Agriculture surprised the markets with smaller-than-expected
forecasts of stocks. This time, the USDA said unrelenting demand
would pull U.S. corn and soybean stocks to the lowest levels in
years – 17 years for corn and eight for soybeans.
WASHINGTON (Reuters) – U.S. corn and wheat stockpiles shrank far more than expected this summer, the government reported on Friday, reigniting a rally in grain prices on fears that strong demand and drought-decimated crops will keep markets tight.
Corn futures surged nearly 6 percent on the Chicago Board of Trade after the U.S. Department of Agriculture reported corn stocks on September 1 were below 1 billion bushels for the first time in eight years. Wheat futures rose more than 5 percent, topping $9 a bushel after the data showed stockpiles were 7 percent less than forecast.
WASHINGTON (Reuters) – The U.S. government will begin issuing major agricultural reports at midday, when Chicago trading is in full swing, abandoning the early morning release of the world’s most important crop data after almost two decades.
After a months-long debate following the adoption of nearly around-the-clock futures trading, the U.S. Agriculture Department said on Wednesday that from January it would release its market-moving U.S. crop forecasts and five other major reports at noon Eastern Time (11 a.m. Central).
WASHINGTON (Reuters) – Searing droughts in the United States and Russia will deplete harvests of wheat, corn and soybeans, the U.S. government said on Wednesday, but global food supplies were not hurt as badly as many had feared.
With the U.S. harvest off to a fast start, the Agriculture Department said the country’s corn crop would be the smallest in six years and the soybean crop would be the smallest in nine years. But even though USDA lowered its crop estimates for the United States and Russia, they are bigger than expected.
WASHINGTON, Sept 12 (Reuters) – The searing U.S. drought has
done less damage than feared to the nation’s corn crop, the
government said on Wednesday, and worldwide supplies of wheat,
corn and soybeans are fairly stable despite harsh weather in
North America and Europe.
Wheat and corn futures prices fell on the prospect of larger
supplies and the U.S. estimates may reassure leaders of the
Group of 20 wealthiest nations who are pondering whether joint
fmaaction is needed to prevent a repeat of the 2008 price spike
that forced tens of millions of people into hunger.
WASHINGTON (Reuters) – Farmers would get another round of the $5 billion a year “direct payment” subsidy, targeted by reformers as wasteful spending, in a Republican-drawn offer of disaster aid for farmers hurt by the worst drought in half a century.
The package, unveiled on Friday, combines drought relief with a one-year extension of the farm program. If passed by the House next week and accepted by Senate, it would end a farm-bill stalemate by deferring work until 2013, when cost-cutting pressure may be intense.
CHICAGO/WASHINGTON (Reuters) – The severe drought in the U.S. Midwest wreaked more havoc across the country on Thursday, forcing barges on the Mississippi River to lighten loads for fear of getting stuck and raising more concerns about higher prices for food and gasoline.
Damage to crops in the most extensive drought in five decades and the pressure of the November elections sparked some action in the Congress to bring relief to farmers and make progress on a generous farm bill.
WASHINGTON (Reuters) – The U.S. House of Representatives will act on aid to livestock producers hurt by the worst drought in half a century, Speaker John Boehner said on Thursday, but there was no agreement on how to do it with Congress a week away from its summer vacation.
Two-thirds of the continental United States was under moderate to exceptional drought with 40 percent of U.S. counties declared agricultural disaster areas. While crop insurance will aid many growers, livestock producers face sky rocketing feed prices and drought-stunted pastures.
WASHINGTON (Reuters) – Republicans are getting scorched for sitting on a farm bill as the worst drought in decades shrivels crops and is forecast to drive up food prices for the next two years.
The $491 billion farm bill is stalled in the House of Representatives on concerns there are not enough votes in the Republican-controlled chamber to pass a bill many see as too costly.