Grain price spike to impact A.L. economy
Published 9:36 am Wednesday, October 13, 2010
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.
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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.