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Early “Dividends” of Climate Change

Posted by msrb on June 17, 2008

Could Food and Fuel Riots Break Out Across the U.S.?

Iowa Survives, But only Just!

Climate fury stays execution of Iowa—for now, any way. The worst flooding in the Midwest, at least in the last 15 years, is receding.

Photo
A home is flooded along the Mississippi River near Gladstone, Illinois June 16, 2008. Flooding in the U.S. Midwest is taking a toll on freight carriers, costing barge lines about $1 million per day and likely disrupting railroads for months to come, said traders and industry executives on Monday. REUTERS/Eric Thayer. Image may be subject to copyright. See PRO fair Use Notice!

The early dividends are as follows:

  • The price of corn at the Chicago Board of Trade rocketed past $8 a bushel [a bushel of corn or maize weighs about 25.4kg; wheat and soybean, about 27.22kg.]
  • About 3.3 million acres of cropland was deluged [2 million acres of soybeans, and 1.3 million acres of corn.]
  • An estimated 2 million acres wasn’t planted.
  • About 21 percent of Iowa’s 25million acres of cropland were flooded.
  • At least twenty-six people have died since May 25 as a result of the storms or tornadoes in the Midwest.
  • Up to 40,000 Iowans in 11 counties, declared federal disaster area, including 30,000 in Cedar Rapids were evacuated.
  • About 200,000 gallons of drinking water were distributed.
  • Nearly 5 million sandbags were used.
  • Mississippi River, the main shipping artery to the export terminals in the Gulf of Mexico is closed due to high water levels caused by heavy rains throughout last week.
  • The President [sic] is spending a day in Iowa

The Iowa flooding will have a significant impact on the global food prices because the United States exports 54 percent of the world’s corn, 36 percent of soybeans and 23 percent of wheat.

“Estimates show 3 million acres of corn under water and probably 2 million didn’t get planted. So that gets you up to 5 million or over 700 million bushels, and that takes out the entire carry-out [stocks carried over to the next crop,]” said Glenn Hollander, a grain merchant on the CBOT trading floor.

NO estimates are yet available concerning the permanent damage done to the soil.

Special Feature Short Story:

Environmental Disasters: Too Close for Comfort?

Related News Links:

Background Information:

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6 Responses to “Early “Dividends” of Climate Change”

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