Photo: Cindy Seigle (Flickr)
An Indiana agriculture expert expects Hoosier farmers to have a record — or near record — good year. Purdue University Agricultural Economist Chris Hurt says he expects the state to fall in line with a U.S. Department of Agriculture report that shows farm income will top $100 billion for the first time. It also reflects a 19-percent jump from last year.
“We have both strong crop incomes, and this year in 2011 we have seen a recovery in livestock incomes, which are still important in Indiana,” Hurt says.
Although greater global food demand and limited supply are among factors helping the American farmer, Hurt says severe weather conditions earlier in the year could reduce some of the profits farmers would normally make from the higher prices.
“Unfortunately, Indiana farmers did have reduced yields this year, and our yields were generally lower than other Midwestern states,” he says. “So that’s why we can’t say for sure that we will see record incomes.”
The USDA expects 2012 to be another good year for growers. Record high crop and livestock prices are also causing farmland values to rise.