Thursday, July 19, 2012
Here we go ...
From the Associated Press
WASHINGTON — U.S. Agriculture Secretary Tom
Vilsack warned consumers Wednesday the worsening
drought blanketing more than half of the country will
lead to higher prices for everything from hamburger
meat and bacon to breads and cereals later this year.
The searing heat and sparse rainfall, which has depleted lakes and reservoirs and left some farmers helpless as their corn and soybean crops wither away in bone-dry fields, has left the country suffering through its worst drought since 1956. Especially devastated has been the Midwest, where much of the country’s corn, soybean and other crops are grown.
Livestock producers, in an effort to minimize future losses, are expected to begin reducing their herds because of high feed costs. While the glut of meat should benefit consumers in the near-term, the reduction in cattle, swine and other livestock could come back to bite shoppers.
So what do we do? The same as always. Stock up when prices are lower and stretch what we have harder than ever.