U.S. corn farmers eye 2007 bonanza

WEST LAFAYETTE, Ind., Aug. 14 (UPI) -- Indiana farmers are expected to harvest near-record yields of corn and soybeans this fall, but it may not pay off until next year.

"As we use more corn for ethanol production, crop prices are likely to go up," said Chris Hurt, a Purdue University agricultural economist.

Hurt urged farmers to "hold on, hold on, hold on" for 2007, when new ethanol plants begin operation. Those plants are expected to create strong upward price pressures for corn that should richly reward corn farmers.