World Bulletin / News Desk
Dry weather will return to the drought-stricken U.S. Midwest crop region, with corn and soybeans ending their growing season on a negative note after this week's rains provedto be too little too late, an agricultural meteorologist said Friday.
"There were some decent rains in central Illinois and west central Indiana yesterday, but it's too late for corn and too late for most of the bean crop," said Don Keeney, meteorologist for MDA EarthSat Weather.
The worst drought in more than 50 years through the heart of the summer growing season severely hurt the corn and soybean crops, slashing production and driving prices to record highs.
Rains now will help some of the later-maturing soybeans, mainly in the Northwest, but showers arrivedtoo late to revive any of the corn crop, Keeney said.
From 1.0 to 1.5 inches of rain fell in the central Midwest on Thursday, with up to 2.5 inches in westcentral Indiana.
There has not been enough rain to end the historic drought, and now it appeared there would be a return to drier weather.
"It looks like a dry weekend and dry next week, there could be some rain in the last week of August," he said.
Cooler temperatures, with highs in the 70s to 80s degrees Fahrenheit, were forecast for most of the Midwest crop region.
The oppressive heat and dryness kept a tight grip on top farm states over the past week. Although there were a few improvements, some areas experienced more serious degradation, according to a weekly report from climate experts released on Thursday.
Rain provided some relief to parched farmland stretching from Iowa through Ohio, but other areas including the Southern and Central Plains remained scorched.
"This week we saw a decline in drought in the lower 48 states for the third week in a row, but the overall decline was small," said Brian Fuchs, a climatologist for the National Drought Mitigation Center at the University of Nebraska.
"Last week drought covered 62.46 percent of the area, and this week 61.77 percent was in drought," he said.
Fuchs said the weekly Drought Monitor released on Thursday showed a one-in-50-year drought was under way in the United States, and no significant letup was in sight from the devastating impact oncrops and livestock.
The U.S. Department of Agriculture (USDA) already has made deep cuts for this year's corn and soybean output as the drought spread through America's bread basket.
The agency said the 2012 corn crop would fall below 11.0 billion bushels for the first time in six years and the number of bushels yielded per acre was at a 17-year low. Soybean production was forecast at a five-year low and soy yield per acre at nearly a 10-year low.
Analysts and crop experts said additional cuts may be seen in future reports.
USDA will update its crop production data in early September.
Given all the uncertainty, investors were pricing in a chance of a rate cut with some analysts expecting the Bank of England to consider quantitative easing to cushion the economy
The Egyptian stock index was down 5.8 percent in early afternoon.
The pound sterling sees its lowest level against the the US dollar in over 30 years
A subsequent survey that included people of all ages found that somewhat older Americans also are skeptical of capitalism.
California is now the sixth largest economy in the world, surpassing France thanks to a robust state economy and the strength of the US dollar.
Overnight lending rate gets cut by 50 points to 9 percent, while overnight borrowing rate remains unchanged at 7.25 percent
Says 2016 business report 'clear indicator' it is improving its economic record despite fall from 46th to 49th
Turkish Cypriot leader says negotiations on federal system close to completion
Britain votes on June 23 on whether to stay in the 28-member bloc, a choice with far-reaching consequences for politics, the economy, defence and diplomacy on the continent.
1 in 18 families has a member who left Greece after 2010, and 12 pct of new refugees are older than 40
Surplus during Jan.-May period stood at $3.1 billion, says finance minister
Remote, impoverished town expects well-to-do Chinese buyer to spur its fragile economy
Austrian company is to have 75 percent of total stakes of Turkish company after agreement concluded
Apple, Microsoft, Alphabet, Cisco and Oracle hold about $504B, approximately one-third of all corporate cash in the United States
The Fund's head says 'corruption has a pernicious effect on the economy'
Exit would cost average monthly salary for each household, Organization for Economic Cooperation and Development says