Indiana crops are taking a hard hit this summer and consumers may ultimately pay the price. Purdue University experts say record June rainfall and continued rain so far this month have resulted in $487 million of potential crops lost.
The USDA report for this week shows that 21% of the state‘s two main crops, corn and soybeans are severely impacted by wet weather and some flooding. That totals about 2.4 million acres across Indiana. Experts say the figures represent the value of potential reduced crop production and not economic impact on farmers.
Growers will be able to file insurance claims and charge higher prices for their product. Higher prices could eventually hit consumers.