(IngredientNews Staff) – ST. LOUIS, MO – While U.S. corn crops may be getting a break from the extreme heat this week, forecasts for continued dry weather are creating concerns about yields and pricing.
“We see this weather pattern firmly entrenched,” says Mark Russo, meteorologist and founding member of Chesapeake Weather Services, providing weather and climate information to agribusiness, energy and other weather-sensitive industries. “While it may not be extremely hot every day, we see this pattern locked in and don’t see anything changing from this drier, warmer bias through the end of July.”
The heat and dryness in the Corn Belt has caused major crop stress and increases the risk of significant yield and production loss in corn crops, says Russo.
With lower yield, experts predict higher corn and corn product prices.
“This is reminiscent of 1988 from a drought perspective,” says Stephen S. Nicholson, chief economist at ingredient distributor International Food Products. “We saw huge losses in ‘88. It does not look any better right now. We are in for higher prices.”
To learn more about the forecast for corn yields, products and pricing, register for this Thursday’s free “Weird Weather” webinar featuring Nicholson and Russo at www.ifpc.com/webinar.
