Flooding destroys crops, prices hit record high
As the waters recede in Iowa, farmers are looking at damaged crops that are driving corn and soybean futures to record levels.
Across southeast Iowa, levies continue to be sandbagged in attempts to keep the swollen Mississippi River from overflowing onto rich breadbasket farmland. Already there's been damage. As the waters recede, farmers are staring at damaged crops that are driving corn and soybean futures to record levels.
The percentage loss in corn is around 10%; soybeans are at 8%. These losses equal, among other things, an increase in feed prices for livestock.
"The Takeaway" talks to Chad Hart, agricultural economist at Iowa State University.
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