Economists have told grain farmers to expect, at best, to break even with a good yield, and harsh weather could diminish farmers' harvests.
Farmers are hoping rain will hold off long enough for them to get corn in the ground.
Agribusiness executives and researchers spoke at the Governor's Agriculture Conference in Indianapolis on Friday.
Indiana farmers and ethanol producers are in limbo as they wait for the EPA to decide how much biofuel should be blended into the nation's gasoline.
Record yields are leading to a decline in corn prices and a shortage of places to store crops.
Soybean and corn prices are being driven down by increased supply from both within the U.S. and internationally.
Agriculture economists are predicting a second straight record year for the state's corn production.
Cool temperatures and consistent rainfall this spring are helping the state's corn crop.
A recent study indicates creating ethanol from corn releases 7 percent more carbon dioxide emissions than gasoline.
The EPA is proposing a reduction in the amount of ethanol in gasoline, which would be detrimental to Indiana corn farmers.