Farmers Bracing for Low Commodity Prices This Fall
UNDATED -- Minnesota farmers are bracing for a tough year as commodity prices remain low.
State Agriculture Commissioner Dave Frederickson says the price for crops like corn and soybeans remains below what many industry analysts think is the break-even price point.
Frederickson says farmers are hoping for a big yield this year to help offset projected losses. He says many farmers are at peace with the idea that "breaking even" will be a good thing. Frederickson says there's a mindset to get through this stretch of rough road and be ready for next year when commodity prices may rebound.
Lower fuel prices and lower fertilizer prices should help some, but Frederickson says it really comes down to the yield and how farmers manage their businesses. He says it's critical to pay off debt and save money when profits are good in order to weather the storm when times are tough.