Texas A&M Grain Marketing expert Dr. Mark Welch says it's too early to tell. "The yield potential of our crop is really determined by weather here by June, July and the early part of August. If it stays hot and dry, we an certainly see some upward pressure on prices. If it cools off and rains, we could see lower prices." Grain crops directly influence livestock pricing as well. "Can the cattle ranchers afford to continue to feed their cattle in the severe environment we're having? So - down the road shrinking the size of the herd might affect the market value!"
Dr. Welch says if there's no change in the weather - expect higher prices at the market and your table. This drought is certainly not helping the Texas grain crop - which could mean higher prices for baked goods and dinner entrees. Dr. Welch says don't give up yet. "We're at a point at which this growing season is still unfolding. The weather really influencing which way the prices are going."
Besides the weather, the nation's crops and even if Ukraine's ports are bombed are also factors. "There are just so many pieces that we're dealing with right now. Maybe we can get some grain out of Ukraine until rocket attacks on their ports, and maybe the weather will change. They are all influencing all parts of the production on the farmers' and ranchers' level --- and that will affect consumer price levels."
Dr. Welch says we should know more by mid-August.