fedgazette

One farmer's loss is another's gain

Minnesota State Roundup

Published November 1, 2002  |  November 2002 issue

State farmers saw high yields on corn and soybeans, and high prices at a time when many of the nation's farmers contended with severe weather damages.

Minnesota corn farmers were expected to produce 986 million bushels, up from 806 million bushels last year. And farmers are also benefiting from corn futures prices that have increased about 80 cents a bushel since May.

The U.S. Department of Agriculture predicted a record harvest for soybeans in the state—296.7 million bushels, up from 266.4 million in 2001. And since June, soybean prices gained about $1.80 a bushel. In addition, wheat prices increased more than $1 a bushel.

At the September harvest forecast, the average Minnesota farmer, with about 500 acres of corn and 500 acres of soybeans, could expect to receive $58,000 more for this year's corn crop and $38,700 more for his soybean crop than predicted from January to May.

The Minnesota Agricultural Statistics Service rated both corn and soybean conditions as 71 percent good to excellent in mid-September.

Kathy Cobb

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