USDA predicts record corn crop in Minnesota
The U.S. Department of Agriculture estimates Minnesota farmers could harvest a record corn crop this fall. But the price farmers are being paid for the grain has been sinking in recent weeks.
The agency is estimating the size of the Minnesota corn crop at 1.2 billion bushels, the largest ever. That's based on an expected yield of 167 bushels an acre, which would be the second largest yield on record.
Mark Brown, who farms near St. James, Minn., says looking at his fields, he can see the potential for a large corn crop if he gets a break from the weather.
"The days haven't been as warm so it hasn't developed as fast," he said. "If we get an early frost and it's not mature, that'll whack off a little bit of yield."
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Brown says his crops also need more rain to reach their full potential.
Federal Reserve Bank economist Brian Briggeman says the global recession has caused other nations to reduce the amount of U.S. corn they buy. They've also cut back on meat purchases, which also hurts corn prices because the grain is a major part of most livestock feed.
Briggeman says corn farmers might be one of the first groups to benefit from an economic recovery.
"Will developing countries such as China be coming in and demanding those products from us?", says Briggeman. "That would be one indicator to watch to see how we will pull out of this recession and if it will indeed have a positive impact on crop farmers."
The soybean harvest in Minnesota is estimated at 284 million bushels, down about 11 percent from the record set in 2006, but higher prices will help make up for the lower yields.
Wheat farmers in Minnesota are just starting to harvest a crop is which is expected to be smaller than last years. The estimated wheat yield is about 51 bushels an acre, compared to 56 bushels in 2008.
The main problems for crops this year have been dry field conditions and cool temperatures. The USDA says those weather patterns have hurt soybeans more than corn.
