The United States Department of Agriculture will release the Indiana Crop and Weather Report this week.
By this time last summer, high temperatures had left Indiana’s corn vulnerable and soybeans stressed. But after last year‘s drought devastated crop yields, farmers are expecting record harvests this year.
This year’s planting season started late because of very wet conditions. But the cooler temperatures and moderate moisture has Purdue agricultural economist Chris Hurt predicting a banner year.
Hurt says a good harvest will likely lower food prices, with an immediate effect on corn-based cereals and soybean cooking oils. But he says it will take longer for lower feed prices for livestock to translate to savings for consumers.
“For the pork industry, it’s really going to be the middle of next summer before we can get more pork to consumers,” says Hurt. “The beef industry, it takes them a long time just because of the biological lags and the long feed out periods.”
Hurt says consumers could see lower prices on chicken and poultry by the end of the year.