The latest USDA report projects a record corn crop of over 14 million bushels in 2014. The report predicts Minnesota corn farmers will harvest 1.34 billion bushels, slightly more than last year but not quite as high as 2012’s record.
After a soggy start to this year’s planting season that prevented many Minnesota corn farmers from getting into fields and washed some crops out entirely, USDA’s projections for Minnesota might seem too optimistic.
However, after such a tough start, it’s nice to hear some optimism about this year’s crop. We’ll see what the numbers show once the combines start harvesting.
Another concern for Minnesota corn farmers is the current price of corn. It takes about $4.50 — $5 to raise a bushel of corn. With current market prices hovering in the $4 range, and lower yields compared to the rest of the country due to a late start, profit margins will be tight for Minnesota corn farmers this year.
For more on the Minnesota corn crop, check out this video from a recent edition of the KSTP evening news.