Global warming debate heats up as Highland Lakes businessman and LCRA take steps to consider environment
As director of the Energy Institute at the University of Texas at Austin, Dr. Raymond Orbach has amassed a wealth of environmental research, reaching the conclusion that a gradual warming of the planet could lead to devastating effects for humans.Corn, soybean prices following short-crop pattern
“There’s a lot of evidence that global warming will change the nature of our Earth. It will give rise to sea levels,” he said. “It will lead to large areas of drought, causing famine on a massive scale.”
The futures market reflects expectations that prices will continue to decline, especially into the 2013-14 marketing year. The expected rebound in South American soybean production, Argentine corn production, and U.S. corn and soybean production in 2013 all contribute to the expectation of lower prices. If those crops are as large as generally expected, prices will be even lower than currently reflected in the futures market. The USDA is forecasting record South American production of both crops. If planted acreage of corn in the U.S. in 2013 is at the same level as in 2012 and the U.S. average yield is near a trend value of 162.5 bushels, the crop would total 14.6 billion bushels, about 1.5 billion larger than the record crop and record consumption of the 2009-10 marketing year.