It is the first day of spring, so we should be joyful.
However, there is little joy in Nebraska and southwest Iowa due to flooding. There is a major flood in both states and it may get worse.
The snow pack on frozen ground, with rain that melted all the snow, but did not soak into the Earth was the culprit.
Ice jams did not help matters as rivers near flood stage were dammed up by ice chunks, causing far more serious water levels.
The ice is still on top of about everything in some regions.
What is the impact on agriculture?
Livestock losses have been severe and crop land has flooded with water and covered with sand.
I spoke with a southwest Iowa farmer and a market economist to gauge the impact.
AUDIO: Profit Matters 3-20-19
Kevin Ross is a well-known farmer from Minden, Iowa. He knows many farmers in the hardest hit region to the south and west. He spoke with me yesterday.
Ross talked to farmers who had no time to get grain out of bins and saw them flooded. A survey of 28 farmers showed they had $1.7 million worth of grain below the waterline on farms in Fremont County alone.
AUDIO: Kevin Ross, Iowa farmer
What could this set up for the markets? Uncertainty, late planting and a lot of speculative money betting the corn market goes on down. Those should turn the market higher at some point. Arlan Suderman, Chief Market Economist for INTL FCStone shares his view.
AUDIO: Arlan Suderman, INTL FCSTONE
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