If we don’t get widespread rain soon, experts agree crop harvests will suffer. But the outlook on the overall market may not be as bad.
We are approaching a key stage in corn growth when the plants are tassling out and need a decent amount of moisture. Soybeans which blossoms later are a little heartier but both plants are behind where they should be. Despite this the market has not yet shown an increase in price due to possible shortages. The Illinois Drought Response Task Force says other states will be able to make up for low yields in Illinois.
Though we may not have to pay more out of our pockets for corn and soybean products local farmers would obviously suffer from low yields. Some relatively good news is if the drought continues the governor may be able to apply for federal aid to help farmers absorb those losses.
The last time the market was severely affected by drought was in 1988. Unlike this year, drought conditions in '88 included the Midwest and most of the Great Plains.