Corn, Soybean Profits To Remain Steady
KNSI News | Nov 14, 2017 AT 1:19 pm
(AP) - Profits are expected to remain steady for Minnesota corn and soybean farmers despite a slight production dip in 2017.
The U.S. Department of Agriculture estimates that the state's corn production will be 1.45 billion bushels, a 6 percent decrease from last year.
The department predicts the state's soybean production will be 373 million bushels, down 4 percent from last year.
Dale Nordquist is the associate director of the Center for Farm Financial Management at the University of Minnesota Extension.
He tells The Star Tribune that scattered production problems and hail damage have caused the slight declines.
University of Minnesota grain-marketing economist Ed Usset says a global surplus of grains means profits aren't increasing significantly even with a healthy export market for corn and soybeans.