Thu August 9, 2012
Purdue expert expects crop report to be grim
The latest crop production report from the U.S. Department of Agriculture is due out tomorrow.
Purdue Agricultural Economist Chris Hurt predicts it will show a significant decrease in the amount of corn and soybean grown nationwide.
He says the numbers are likely to be worse for Indiana, which has been hit hard by the drought and heat wave.
Hurt says farmers won’t be the only ones affected.
He thinks prices at the supermarket will rise by as much as seven-percent over the next year.
Hurt says consumers can expect to pay more for cereals, sweeteners, bakery products, and vegetable and cooking oils.