Jul 10, 2014 at 10:45 am
MINNEAPOLIS (AP) — A new report estimates that delays in railroad shipping have cost Minnesota corn, soybean and wheat farmers nearly $100 million.
The report was released Thursday at a conference in Alexandria organized by the Minnesota Department of Agriculture.
Edward Usset of the University of Minnesota Center for Farm Financial Management estimates rail delays cost Minnesota corn growers $72 million from March to May. He puts the losses at $18.8 million for soybean growers and $8.5 million for wheat growers.
The report also estimates the corn remaining in on-farm storage across Minnesota is worth $122 million less and the remaining hard red spring wheat is worth $1.7 million less because of rail bottlenecks.
Railroad delays across the region have been blamed on a combination of increased oil shipments and the hard winter.
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