A U.S. Department of Agriculture crop production report is set to be released tomorrow and a Purdue Extension economist thinks the numbers will paint a “crushing” financial picture for farmers.
Chris Hurt believes corn production will show a 25 percent decrease and soybeans will drop 13 percent throughout the country.
Food manufacturers will have to ration and cut back on the use of corn products in particular.
He thinks the numbers will reflect hardship for other sectors of the economy.
Industries including ethanol, livestock and exports could all be affected.
A number of crop experts including Hurt will analyze the numbers during a panel discussion at the Indiana State Fair once the report is released.
Sources: Network Indiana/WIBC and Purdue Extension