National production and average yields per acre for corn and soybeans could set records, the
Hoosier farmers, too, are on track to break last year's record 1.03 billion bushel harvest. The
The state's soybean crop could reach 279.9 million bushels, the third-largest in state history.
"The markets were expecting huge crops, and the report certainly supports that assessment," said
Locally, conditions have remained fairly healthy for corn crops, too. A
"I know that
"We haven't gotten any true measurable rain" in that area, he said. "The corn's showing a little stress, but it's far enough along that it's not hurting anything."
While the total production signals a bounty of corn and soybeans -- enough not only for livestock and ethanol producers, but also to eventually moderate increases in food prices -- futures prices for both crops have dropped to their lowest levels since 2010.
Corn has fallen below
"Prices are one of the things that isn't so positive in this report," said
Hurt said crop farmers' incomes could fall 25 percent to 30 percent.
That's already affecting local agribusiness, Wilson noted.
"I think you're already starting to see equipment dealers -- their sales are slowing down," Wilson said. Fertilizer sales, too, have dipped somewhat. "As prices go down, you've got to watch your inputs really well."
He agreed that lower prices for corn could be a boon to both livestock farmers and the ethanol industry. "They've got a lot better margin so they can compete with the cost of gasoline a lot better," Wilson said.
Hoosier soybeans were expected to yield 51 bushels per acre, the same as last year.
The projections were based on conditions as of
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