Corn, Soybean Prices Up

Corn, Soybean Prices Up

Corn harvest projection of 8.25 million acres, if realized would be a new record high for grain.

Prices received by Minnesota farmers for July corn averaged $7.10 per bushel, an increase of $0.91 from the June price, says the USDA-NASS Minnesota Field Office.

Soybeans, at $15.20 per bushel, were up $1.60 from the June price.

The all milk price for July, at $18.00 per cwt., are up $0.60 from the June price.

Corn harvest projection of 8.25 million acres, if realized would be a new record high for grain.

Corn production in Minnesota, based on August 1 conditions, is forecast at 1.28 billion bushels, up 6 percent from 2011 production. The yield forecast of 155 bushels per acre is down 1 bushel from 2011’s yield of 156 bushels per acre. Expected area for harvest is 8.25 million acres, up from 7.7 million acres last year. If realized, this would be a new record high for harvested for grain.

Soybean production is forecast at 263 million bushels, down 3 percent from last year’s production. The yield is forecast at 38.0 bushels per acre, 0.5 bushel below 2011’s yield. Expected area for harvest is 6.92 million acres.

Spring wheat is estimated at 71.6 million bushels, up 4 percent from last year. Yield is estimated at 53.0 bushels per acre, up 3.0 bushels from the July forecast and up 7.0 bushels per acre from 2011.

Barley production is forecast at 5.90 million bushels, up 93 percent from 2011. Yield is forecast at 59.0 bushels per acre, unchanged from July and up 8.0 bushels from last year.

Oat production is estimated at 8.32 million bushels, up 40 percent from last year. Yield is forecast at 64.0 bushels per acre, unchanged from the July forecast but up 10.0 bushels from 2011.

Sugarbeet production is estimated at 12.8 million tons, up 43 percent from 2011’s production level. Yield is estimated at 27.0 tons per acre, up 8.0 tons from last year’s yield of 19.0 tons per acre. If realized, this would be a new record high yield.

Dry bean production is estimated at 2.79 million hundredweight, up 22 percent from last year. Yield is forecast at

1,800 pounds per acre, up 110 pounds per acre from 2011.

Alfalfa hay production is estimated at 2.90 million tons, down 29 percent from 2011. Yield is forecast at

2.90 tons per acre, down 0.80 ton from the previous year.

Source: USDA-NASS Minnesota Field Office

 

TAGS: USDA
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