justin.schneider@heraldbulletin.com
It’s basic economics.
When supply falls and demand remains constant, prices are bound to rise.
As dry conditions take their toll on crops in Central Indiana, experts are predicting higher than normal prices and that could bring serious consequences for farmers.
“We will definitely have some negative impact on those who feed with hay,” said Susan Allen, county executive director for Madison County Farm Services Agency. “Obviously the price of hay is going up and many livestock farmers will have to purchase hay to supplement their feeding, which may result in some higher feeding expenses.”
Vaughn Bracken of Bracken Farms said he usually raises enough hay to feed his 50 head of beef cows and still have some left over for sale. But with the yield of the first cutting down, he will have to find cattle feed elsewhere and even thin his herd.
“We’ll get lean to keep the cows that are more productive and alter our feeding program a little bit,” Bracken said. “We’ll stretch the hay by supplementing with protein and rolling up some corn stalks. A cow can survive on corn stalks, but they don’t do real well.”
A farmer for all of his 57 years, Bracken expects to see higher prices for the corn and soybeans he raises.
“If this is widespread throughout the corn belt, the prices will probably be elevated,” he said, noting that rain predictions brought prices back down. “The markets will follow the weather trend a little bit, the key is when to pull the trigger on sales.”
Steven Smith, director of agriculture for Orestes-based Red Gold, said his company does not have to worry about prices.
“The prices of our tomatoes are set prior to the season, so dry conditions will have no effect on that,” he said, adding that rainfall over the next two weeks will be crucial. “In about another 10 days I can really tell you if our first crop has been saved.”
Smith said Red Gold uses machines to harvest its tomatoes, so no jobs are on the line either.
Greg Bohlander, field representative for the Indiana Farm Bureau said he is unsure how dry conditions will affect prices.
“There are so many other things affecting prices,” he said. “Both beans and corn have dropped on the Chicago Board of Trade, so it’s hard to say whether dry weather will affect the market or not.”
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June 23, 2007
6:22 p.m.: Drought could push up prices
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