Crops Look Good, But Land Prices Up
UNDATED -- The latest crop progress report from the U.S. Department of Agriculture shows central Minnesota crops are in good condition, but growing in increasingly expensive soil.
According to the report, 67% of Minnesota soybeans and 66% of corn is in good to excellent condition.
The report shows that 22% of the state’s wheat crop has been harvested, behind the five-year average of 42%.
The USDA reports the average cropland in America is priced at just over $5,000 per acre, up 14% from a year ago. Closer to home, the average price of agricultural-use farmland in Minnesota is $6,200 per acre, up 17% from a year ago.
In addition, the USDA is expecting a record-tying soybean crop. The USDA pegged the soybean harvest at 4.53 billion bushels, which ties the record set in 2016 and a 2% increase from last year. The nation’s corn crop is expected to decrease 5% from last year to 14.4 billion bushels, with record-high yields in California, Iowa, Washington, and Wisconsin.