Good news: Record crops. Bad news: Low prices for farmers
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Minnesota farmers expect a record harvest this fall, but it may be mostly a money loser.
With a nearly perfect summer in Minnesota, the U.S. Department of Agriculture is predicting record corn and soybean crops for the state. Corn may average 183 bushels an acre, 3 percent more than the record 2010 harvest.
But for most farmers, corn prices are so low they may lose money on the crop. Northstar Commodities grain analyst Jason Ward says there's simply too much corn for sale.
"We're kind of globally awash in grain," said Ward.
State farmers are also expecting their biggest soybean crop ever, 47 bushels an acre. But soybeans prices also are below break-even for most farmers.
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