Two University of Missouri agriculture economists say high crop prices will offset some yield losses for corn and soybeans in Missouri caused by the extreme drought this year. Missouri estimated yields are lower than U.S. yields. This year is the driest in six decades in the state. However, they expect Missouri’s net farm income in 2012 to be $2.8 Billion.
The impact of the drought on Missouri livestock and dairy producers will do more harm and will last longer, the ag economists say.
Co-author Scott Brown says “perhaps the largest lasting effect will be reductions in the cattle industry” and that a lot depends upon the weather moving forward.
Missouri’s estimated corn yield of 75 bushels per acre is down 45-percent from the average yield over the last eight years. Soybeans are projected at 38 bushels per acre, down nearly 30 percent, on average, for that same period.