Therefore, we are forecasting a total wheat crop in 1996 of 2.1 billion bushels, about 350 million bushels lower than it would have been with normal weather. But the weather in Northern Hemisphere countries has been very good except in the United States and Canada, and we expect to see a sizeable increase in wheat production in other countries. But agricultural markets are funny beasts. They can change very quickly. If everybody gets a bumper crop in one year, prices will plummet as fast as they went up.
Corn is the backbone of the U.S. livestock and poultry industry.
It's a very, very tight supply situation, and that's reflected in corn prices that are currently 100 percent higher than a year ago. The good news is that this is going to stimulate corn plantings. With a typical yield this summer, we will replenish our stocks, and corn prices will return to a near normal level. But if we don't get a good yield, our livestock and poultry industry will be under great financial stress and jeopardy. Corn price increases have raised the price of feed dramatically, and we have seen a pick-up in slaughter of cattle.