01 March 2012

PARAGUAY : Historic Drought Devastates Asuncion.


      Perhaps the worst drought in its history is afflicting Paraguay...one of the poorest nations in Latin America.
     With most of its income derived from agriculture and raising cattle...officials estimate that 60% of crops have been lost...especially affecting 250,000 small farmers.
     Losses already are estimated at $1.5 bn.
     The small nation has only received 10% of its normal summer rains.
     With 'beans in the teens'...commodity talk for the surging price of soybeans from dwindling supplies...only a change in the La Nina weather pattern...and new plentiful rains...can save the nation's crops...and prospects.