The decline could hurt farmers, but high yields in other parts of the country mean grocery prices likely won't be impacted.
Agricultural experts will outline their predictions Wednesday for what this year's harvest might look like; gas prices in central Indiana are going up again.
There have been only four days this month without rain. All that water has farmers concerned over potential flood damage.
The EPA is lowering the amount of biofuels, which are often made from corn, that have to be added to gasoline.
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.