- #1
- 21,924
- 6,373
Swollen Cedar River Floods Iowa Cities
http://www.npr.org/templates/story/story.php?storyId=91488984
The middle (midwest) part of the country has been getting hammered by storms recently. Apparently tornadic activity may set a record this year, and flooding in some cases is setting records.
One other serious side effect -
WEATHER SLAMS CORN CROP
http://www.npr.org/templates/story/story.php?storyId=91488987
The price of corn could approach $8/bushel, and some in Congress are rethinking the use of corn for ethanol.
Corn rises for eighth day to new high of $7.375
Analysts say futures could touch $8 a bushel as flooding getting worse
http://www.npr.org/templates/story/story.php?storyId=91488984
All Things Considered, June 13, 2008 · In Iowa, much of the state is under a disaster declaration. Flooding, approaching and topping historic levels in some areas, sweeps through the state. More than 400 city blocks are under water in Cedar Rapids. And as the swollen Cedar River continues to overflow its banks, more than 3,000 homes and a downtown hospital have been evacuated.
The middle (midwest) part of the country has been getting hammered by storms recently. Apparently tornadic activity may set a record this year, and flooding in some cases is setting records.
One other serious side effect -
WEATHER SLAMS CORN CROP
http://www.npr.org/templates/story/story.php?storyId=91488987
All Things Considered, June 13, 2008 · Rains drenching the upper Midwest for the past two months are driving up the price of a commodity used in everything from cold cereal to soft drinks, livestock feed and gasoline. Unless the region dries up quickly, nearly everyone is going to pay the price. Frank Morris of member station KCUR reports.
The price of corn could approach $8/bushel, and some in Congress are rethinking the use of corn for ethanol.
Corn rises for eighth day to new high of $7.375
Analysts say futures could touch $8 a bushel as flooding getting worse
Damage from the floods could cost hundreds of millions of dollars, the National Weather Service said on its Web site Friday. Officials in some areas fear the floods could be the worst since 1993.
Corn futures for July delivery rose 22.75 cents, or 3.2%, to close at $7.3175 a bushel on the Chicago Board of Trade, after jumping to the new intraday high of $7.375 earlier. Corn futures have been rising since June 3 and are now nearly 20% higher.
"The rain damaged a lot of crops, and it looks like the flooding is going to continue," said Phillip Streible, senior market strategist at futures brokerage Lind-Waldock. Corn futures could rise above $8 at the beginning of the next month, he said.
AccuWeather.com warned that severe storms will continue to pummel the Midwest through Friday evening. Thunderstorms and tornadoes are forecast to threaten areas from the central Great Lakes to the border of Oklahoma and Texas.