Changes in the economics of grain production after drought led to record-high farm incomes in 2012 could mean a shift in the demand for and prices of agricultural inputs for the 2014 crop, a Purdue Extension agricultural economist says.

Even with higher average yields this year, substantially lower corn prices could have a disproportionately large impact on producer returns as anecdotal evidence suggests that a relatively small portion of the 2012 crop has been forward-priced at higher price levels.