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updated: 8/10/2012 1:02:49 PM
USDA Releases Grim Crop Report
The U.S. Department of Agriculture's August crop production report shows the harsh effects of months of heat and drought. Through August in Indiana, Hoosier farmers produced 605 million bushels of corn, compared to 839 million one year earlier. Soybean production across the state dipped to 184.6 million bushels for 2012, compared to 238 million in 2011.
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The agency forecasts national corn production down 13 percent from 2011 and soybeans down 12 percent.
If the numbers hold true, the USDA says it will be the lowest national corn yield since 1995 and for soybeans, the lowest since 2003.
In a recent interview with Network Indiana/WIBC, Purdue Extension Economist Chris Hurt said food manufacturers will have to ration and cut back on the use of corn products in particular.
Sources: Inside INdiana Business Reports, U.S. Department of Agriculture and Network Indiana/WIBC
