Drought Could Have Affect on Your Wallet
By: Morgan Moore
Updated: July 30, 2012
The heat continues across the Valley, along with the extreme droughts in many counties.
Officials say this is is the worst they've seen conditions since 1988 and the lack of water could start affecting more than just crops.
If corn and soybean yields are lower than normal, consumers could see an overall rise of 2.5 to 3.5 percent by next year.
"In terms of later on in the upcoming year, future prices for dairy productions, for beef, pork, poultry, there will definitely be some impact on and reverberation through out the national economy," said Jim Luzar of the Purdue Ag Extension.
Crop insurance can help farmers whose crops are being affected by the drought, they will cover anywhere from 65 to 85 percent of the crops estimated value.
Officials say this is is the worst they've seen conditions since 1988 and the lack of water could start affecting more than just crops.
If corn and soybean yields are lower than normal, consumers could see an overall rise of 2.5 to 3.5 percent by next year.
"In terms of later on in the upcoming year, future prices for dairy productions, for beef, pork, poultry, there will definitely be some impact on and reverberation through out the national economy," said Jim Luzar of the Purdue Ag Extension.
Crop insurance can help farmers whose crops are being affected by the drought, they will cover anywhere from 65 to 85 percent of the crops estimated value.
