Jim Dale News
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The drought that ravaged U.S. corn and soybean crops and spurred record prices may persist, threatening a recovery in production this year that’s needed to bolster global inventories, according to forecasters.
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Drought conditions may persist in wheat-growing areas from China, the world’s largest grower and consumer, to the U.S. and Western Europe, hurting crops and lifting prices, British Weather Services said.
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Wheat crops in China, the world’s biggest producer, and the U.S. are threatened by continuing drought as La Nina persists, weather forecasters said.
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Florida’s orange crop, the world’s second largest, may face damage as Tropical Storm Debby drenches groves and causes flooding in some areas, said Jim Dale, a senior risk meteorologist for British Weather Services.
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European wheat and rapeseed crops are at risk of drought that may further hurt yields after freezing weather last month destroyed some fields, analysts and forecasters said.
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The U.K. and Ireland may have the coldest December since 1890 and one of the snowiest three on record, Jim Dale, a senior meteorologist at British Weather Services in High Wycombe, England, said by e-mail.
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Drought in wheat-growing regions in China, the world’s largest producer, may persist for a further month and rain may come “too late” to avert damage to crops, pushing prices higher, British Weather Services said.
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U.K. same-day natural gas jumped to its highest level in 10 months after forecasters predicted snow this week, boosting heating use. Power for tomorrow advanced to its highest level since July.
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Heat waves in southern Europe are withering the corn crop and reducing yields in a region that accounts for 16 percent of global exports at a time when U.S. drought already drove prices to a record.
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Hurricane Irene, the strongest Atlantic storm to threaten the U.S. since 2005, battered the Bahamas on a course that’s expected to take it near North Carolina this weekend and New England next week.
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