"Our concern is that the U.S. has nothing else in our emergency food pantry. There is no cheese, no butter, no dry milk powder, no grains or anything else left in reserve. The only thing left in the entire CCC inventory will be 2.7 million bushels of wheat which is about enough wheat to make 1/2 of a loaf of bread for each of the 300 million people in America.” The CCC is a federal government-owned and operated entity that was created to stabilize, support, and protect farm income and prices. CCC is also supposed to maintain balanced and adequate supplies of agricultural commodities and aids in their orderly distribution.
Corn rises to RECORD with Midwest beset by rain - Corn futures extended their gains into a third session Friday, reaching a record as weather forecasts called for rains in the Midwest, which have already delayed crop development, to continue. Prices of soybeans and wheat also moved up. "Probably the biggest contributor to the rising prices is the scope of heavy rains that have fallen in the past couple of weeks." Rainfalls have left crop fields saturated, halting the planting of soybeans and delaying corn seeds' development. Weather reports predicted that excessive Midwestern rain will continue, likely pushing corn and soybeans prices higher. As of June 1, 74% of corn seeds had emerged in the top 18 producing states, compared with 92% a year ago. Soybeans were 69% planted, compared with 86% a year ago. And only 32% of seeds had emerged, compared with 64% a year ago. Destructive thunderstorms that swept across the Midwest on Thursday also threatened crop production.