U.S. reserves of corn have hit their lowest
level in more than 15 years, reflecting tighter supplies that will
lead to higher food prices in 2011. Increasing demand for corn from
the ethanol industry is a major reason for the decline.
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The U.S. Agriculture Department says farmers will be allowed to grow genetically modified sugar beets this year, while it
finishes work on a full environmental impact statement on the
beets' effect on other crops and the environment.
A judge has dismissed most legal claims
against the University of Minnesota in a lawsuit over licensing
rights to the new SweeTango apple, and ordered the parties into
mediation to try to resolve the dispute.
Wells Fargo & Co. will boost agriculture lending this year as producer costs climb, said Rod Alt, a senior vice president in the bank's food and agribusiness division.
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A 2007 report that the federal government had
paid $1.1 billion in subsidies to dead farmers sparked an outcry
and has been frequently cited by critics who considered the
payments a blatant example of wasteful spending. But a follow-up
that found no fraud and determined nearly all the subsidies paid on
behalf of dead farmers in recent years were proper has received
little attention.
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