News

Crop losses continue to mount

As the rain continues the losses to Indiana’s crop sectors continues to grow.

Purdue ag economist Chris Hurt estimates from June 7 through June 21 Indiana farmers saw a 10 bushel per acre decrease in potential yield on corn and a roughly 2 bushel per acre decline in soybeans.  “When you think about 10 bushels lost per acre it is about $190 – $200 million lost just on corn,” he says.  “On soybeans, that 2 bushels adds about to about $100 million worth of crop that would be lost in terms of yield potential.  Together – that’s about $300 million.”

Hurt tells Brownfield heading into this afternoon’s crop reports – he anticipates the declining crop areas expanding beyond the Eastern Corn Belt and Missouri.  “I think we’re going to see Iowa move into a situation of deteriorating crops due to excess moisture,” he says.

He says extensive crop damage in the Eastern Corn Belt and parts of the Western Corn Belt will likely get even more attention from the market.