While many farmers and politicians acknowledge it's time to end direct payments to farmers, many argue that crop insurance payments are still needed to help them hedge their bets against the next big disaster.» E-Mail This » Add to Del.icio.us
A drought that has gripped the southwestern corner of Australia since the 1970s is linked with higher snowfall in East Antarctica, a phenomenon that may be rooted in global warming, scientists reported on Sunday.Researchers Tas van Ommen and Vin Morgan of the Australian Antarctic Division said that the drought -- which has seen winter rainfall decline by 15-20 percent -- is extremely unusual when compared with the last 750 years.Hand in hand with the drought is a similarly exceptional rise in snowfall at Law Dome, an icecap on the coast of East Antarctica.
For Australian farmers who have struggled to make a living in southern Queensland as their crops died and their dams ran empty during years of drought, recent floods have helped ease the "Big Dry".But while the deluge has brought hope to some farmers, giving them guaranteed water and quality pasture for the next 12 to 18 months, the water is unlikely to make it down to southern areas still in the grip of drought."We've had the worst drought in a generation and now we're back to some of the best conditions in a generation," said cattleman John Cotter.
By Matthew Bradbard: New crop corn futures are off 15% YTD and prices are 23% below their September 7th highs. I do not like picking bottoms, but I think we are close enough to wade into a bullish trade. December 13' futures traded within 3 cents of contract lows overnight.
By James Roemer:
As the U.S. Drought Eases
The big weather news, other than the storms that have finally brought winter from coast to coast, is our forecast a few weeks ago of an easing in the U.S. drought. This has had bearish implications for the corn and wheat markets especially with the best moisture in 2 years blanketing Iowa, Nebraska and Kansas, while the deep south has seen rains as well.
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