USDA: Minnesota 2011 Corn Crop Worth a Record $7B
ST. PAUL (AP) – New figures confirm 2011 was a record year for Minnesota corn farmers even though production fell due to difficult weather.
The U.S. Department of Agriculture Tuesday estimated the value of Minnesota’s corn crop at a record $7 billion, up 9 percent from the previous record set in 2010. While the state’s corn production was down 7 percent from the year before, the average price for the marketing year is estimated at a record $5.85 per bushel, up from a record $5.01 in 2010.
Minnesota’s soybean crop was worth $3 billion, down 13 percent from a record set in 2010 because of an 18 percent drop in production due to weather and a shift to corn. But the average price rose from $10.90 to a record $11.50 per bushel in 2011.
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