Crops Damaged, But Grain Moves Again on Mississippi
ome grain shipments resumed last week on the Mississippi River, easing initial fears of a total economic catastrophe for the U.S. agricultural industry, but officials said Hurricane Katrina had nonetheless inflicted a damaging blow on the industry.
The storm could cost U.S. farmers $2 billion, said Terry Francl, senior economist at the American Farm Bureau.
He said damaged equipment and flattened crops — like sugar cane and rice — paired with depressed crop values, could cost the industry $1.5 billion, while higher energy prices in the aftermath of the storm could top $500 million.