(Undated) - Higher grain prices may help Indiana farmers earn record incomes this year.
Hoosier farmers will see on average a 25 percent increase in farm income to over $3 billion statewide Purdue agricultural economist Chris Hurt tells the Associated Press. This year’s expected earnings are about $500 million more than 2009.
Indiana’s total farm income may eclipse the 2008 total of $3.2 million.
Strong global demand for grain has pushed prices to $5.75 for a bushel of corn. Soybeans are going for about $13 a bushel.
An ongoing drought in Indiana is also doing some good.
The dry conditions forced many farmers to harvest corn and soy beans early and just about all fields have been harvested now.