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Higher prices to hit grocery stores?
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Impact of historic drought throughout country
- Duration 2:07
- Date Jul 26, 2012
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Transcript
This transcript is automatically generated
You are going to pay more at the grocery store next year because of what is happening right now -- historic drought in much of the country.
Tonight correspondent Doug -- tells us the only questions are.
How bad -- yet and how much -- -- today.
Without -- Maryland former chip bowling sees his corn yields going down day by day.
It is the worst drought in fifty years 88% of US farmland where corn is grown -- now drought stricken.
The worst damage is in the midwest and western ranching states where started feed corn and whether grasslands are forcing some ranchers to cull their herds.
They are upset they're frustrated they're angry they're concerned and they're worried.
All across farm country.
We are suffering from a severe drought.
Which is a real emergency.
Historic in scope.
Corn is the primary feed for poultry cattle and -- the Department of Agriculture estimates that prices at the grocery store will jump next -- four to 5% for beef.
3.5 to four point 5% for chicken and Turkey and for dairy products to.
After three straight years of low yields -- bowling carries insurance now.
Most farmers now -- back.
The year as the includes in the cult of raising the proper grain.
It's way too much risk to those of former forty -- like.
This but not all ranchers have similar coverage they've gotten disaster relief in the past from congress but the provisions of the current farm bill that would provide such relief have expired.
A new farm bill remains bottled up in the house as Democrats resist any Republican attempts to cut it especially the food stamp program which makes up 80% of the farm bill.
Still Republican leaders appeared hopeful today.
That one year extension of the bill may be worked out before the August recess retention and it worked through what chairman Lucas -- -- members of this committee.
On on an appropriate path forward.
One of the ironies of this drought is it because so many cattle are being called is expected to be a glut of beef on the market resulting in a short term drop in beef prices this summer.
Before they go up again next year -- Doug thank you.
