The federal government expects
Both total production and average yields per acre nationally for corn and soybeans could set records, the
"The markets were expecting huge crops, and the report certainly supports that assessment," said
Akridge, an agricultural economist, moderated a Purdue Extension panel discussion of agriculture experts who analyzed the
While the total production signals a bounty of corn and soybean supplies that will provide enough product for livestock and ethanol producers and eventually help to moderate increases in food prices, futures prices for both crops have dropped to their lowest levels since 2010 - corn below
"Prices are one of the things that isn't so positive in this report," Hurt said. "The revenues will be down sharply this year." He said crop farmers' incomes could fall 25-30 percent.
Preceding the panel discussion, the
The bounty of crops, however, will be good for businesses such as grain elevators, processors and livestock producers "who will benefit from the lowest prices we have seen in a number of years."
Nielsen said that while some parts of
"It is a good-looking crop - good potential - but it needs to finish strong to realize that potential," Nielsen said.
Casteel said soybeans had a "rough start" with problems involving stand establishment and herbicide injury and cool weather that delayed its development. But he noted that the crop progressed to the point where it, too, is now ahead of the five-year average in development.
"As we look to finish this crop, August and September makes the difference," he said. "There are lots of opportunities in the next 30-45 days to finish off this crop."
The projections were based on conditions as of
McKinney said the crop report reflects that "one hand versus the other is coming into play."
"It's always a good thing to have those high yields, he said." On the other hand, the revenue will be down sharply, and that's not a good thing."
McKinney said he was encouraged however, that the livestock sector is coming back.
"Just about as anything in life, diversity is good," he said. "On the balance, we hopefully will see
TNS 30TagarumaMar-140813-4827415 30TagarumaMar
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