Midwest floods hit the economy rising grain prices.

Midwest flooding, encroaching upon the severity of the disaster in 1993 caused the loss of 20 billion U.S. dollars to local flooding, but also makes corn, wheat, soybeans and other grain prices rose in recent days have reported. .To alleviate the food crisis, the European Commission decided to cancel most of the 12 agricultural products for export. .<P Style=MARGIN: 0px align=center> or economic loss of billions </ P> <P style=MARGIN: 0px> </ P> <P style=MARGIN: 0px> (http://finance.) .flood flows caused by collapsed bridges and sewers overflow, Wisconsin and Iowa, the city's many reservoirs, embankment has reached high level, sustained rainfall is more likely to rupture or burst. .Waterloo, Iowa on Wednesday like a ghost town downtown, near the region also has many residents to evacuate. .</ P> <P style=MARGIN: 0px> </ P> <P style=MARGIN: 0px> economic losses caused by flooding severity remains unclear, the U.S. National Weather Service that the losses caused by the floods .hundreds of millions to billions of dollars. .But the flood disaster is usually beginning to surface, may be a few weeks to have all of the disaster, if the next few days weather forecast said there continued to rain, the water level may be beyond the Mississippi River flooding in 1993. .</ P> <P style=MARGIN: 0px> </ P> <P style=MARGIN: 0px align=center> strong rise in food prices </ P> <P> rainfall delayed crop planting progress, causing the yield will be reduced .of expectations, pushing up corn, soybeans and other crop prices. .Wednesday CBOT July corn futures rose 30 cents, a record $ 7.0325 per bushel historical high price, July soybean futures jumped 70 cents, to $ 15.165 per bushel price of closing. .Others, such as wheat, rice, cotton, oats, ethanol futures prices rose on Wednesday, also simultaneously. .</ P> <P> corn and soybean prices higher, food prices may cause, but the meat business that rely on grain and corn syrup and other related industries are concerned, the already critical state of the industry probably will be worse. .</ P> <P style=MARGIN: 0px> meat processor Tyson Foods (Tyson Foods) will be suspended two Iowa pig slaughterhouse operations, due to rising water level will be suspended from Friday to Monday .; grain processing giant Cargill (Cargill) companies have closed due to flooding in the state's corn grinding mill. .Before the floods, sub-prime mortgage crisis and other economic problems in many parts of the United States, but little impact on the Midwest, and enjoy the benefits of rising food prices, but this may lead to flooding in 15 years, the most serious damage .subsequent flooding disaster will depend on the time and extent of the. .</ P> <P style=MARGIN: 0px> </ P> <P style=MARGIN: 0px align=center> the EU to lift the import and export of most agricultural products license </ P> <P style=MARGIN: 0px> </ P .> <P style=MARGIN: 0px> to alleviate the food crisis, import and export enterprises and authorities to reduce unnecessary administrative burdens, the Commission decided to apply for import permits for agricultural products need to type about 500 species from the current reduced substantially to 65 .species, but still need to apply for export licenses only 43 kinds of products. .The European Commission said some of the terms of trade under the preferential import of goods is also still apply for import permits. .</ P> <P> to grain, for example, now need to apply for import permits up to 133 product categories, this will be reduced to 21. .The need to apply for export licenses of products are reduced from the original 133 9. .</ P> <P> in the past of about 100 species of wine products to implement the import licensing system was abolished, beef and dairy industries are also no longer need to apply for any import license. .Cancel wine imports from August 1 license from the introduction of the remaining products will cancel the import and export permit from the effect July 1. .</ P> <P> the European Commission said the move is designed to import and export enterprises and the administrative authorities reducing the burden, reduce unnecessary administrative procedures and costs. .And on a few commodities to continue to implement import and export licensing system is mainly to have some sensitive products, transactions, easy to determine the trade trends. .</ P>.