×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Agriculture | Crop | Prices | Drought

Agriculture Chief: Crop Prices Will Spike in Wake of Drought

Wednesday, 18 July 2012 01:33 PM EDT

U.S. Agriculture Secretary Tom Vilsack said the worsening Midwest drought will result in sharply higher crop prices but maintained there is no need yet to seek a reduction in corn-based ethanol production.

Vilsack urged Congress to work with the Obama administration on ways to improve aid to farmers struggling with a crop that will be sharply reduced by searing heat and a lack of rain.

Hard-hit livestock producers and other groups have been calling on the administration to pressure the Environmental Protection Agency to give oil refiners a waiver from the mandate to blend ethanol into gasoline, arguing demand for the corn-based fuel was driving up corn prices.

But Vilsack said it was not a problem right now. "There is no need to go to the EPA at this time based on the quantity of ethanol that is in storage," he told a White House briefing.

Vilsack said the drought was not yet as severe as the 1988 weather disaster in the Midwest.

"Part of the problem we're facing is that weather conditions were so good at the beginning of the season that farmers got in the field early and as a result this drought comes at a very difficult and painful time in their ability to have their crops have good yield," he said.

© 2023 Thomson/Reuters. All rights reserved.


215
2012-33-18
Wednesday, 18 July 2012 01:33 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved