Falling corn prices may put Minn. farmers in a bind

Author:
Updated:
Original:

The U.S. Department of Agriculture has indicated that corn may be overplanted compared to earlier estimates, which sent corn prices falling this week.

Farmers have planted more than 97 million acres of corn, the most in more than 75 years, according to Minnesota Public Radio. The prospect of a huge harvest drove corn prices down nearly 5 percent after the report was released Friday.

Of course, this comes after a very wet spring (which followed a drought) has delayed the growing season for much of the upper midwest.

As MPR notes, the news hits farmers hard twice: Once with the delayed planting season, and again with the lower prices and a potentially smaller harvest.

Meanwhile, KARE 11 reports that most farmers have given up on some crops like alfalfa.

Next Up

Related

Minn. corn farmers projected to harvest record crop

Minnesota's cornfields will average 168 bushels an acre this year, according to the U.S. Department of Agriculture. The Pioneer Press reports this would be Minnesota's largest corn crop in state history and make the state the second largest corn producer in the country -- only trailing Iowa.

High price of corn idles Little Falls ethanol plant

The Central Minnesota Ethanol Co-Op has suspended operations until they can buy corn or sell ethanol at a better price, the St. Cloud Times reports. The Little Falls plant is using the downtime to complete maintenance and other projects, but most of the 30 employees are out of work.