By Mark Steil, Minnesota Public Radio News

WORTHINGTON — Grain prices moved sharply higher Friday, and that could have far-reaching effects. The jump came after the U.S. Department of Agriculture slashed its corn crop estimate.

The news could easily add a billion dollars or more to Minnesota’s farm income, but also could hurt livestock producers and push food prices higher.

Corn, soybean and wheat prices all went up the daily maximum after the USDA delivered its forecast, which caught many by surprise. The Agriculture Department’s estimated soybean production fell 2 percent, compared to last month’s prediction. The corn yield fell 4 percent.

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