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South Central MN | It is possible to turn a profit here, although smaller than what some other states are capable of. Here we don't get as high of yields and still have close to the same input costs.
Main thing about last year was weather impacting corn yields and reducing them in the ballpark of 25%, soybeans for me did well overall as I had a lot contracted before the big drop when tariffs hit, but going into this year it is hard to say where markets will end up.
Things to realize about MN and the Dakotas: We don't have as great of basis prices for our grain, usually -.50 for corn and -.65 or even more on soybeans (is -.90 currently), rarely see anything over CBOT prices for grain unless something happens locally. We also don't have as good of yields, where I am 250 bu. corn is amazing, other parts of the corn belt "amazing" is 300+... 60 bushel beans also are quite good, feed wise maybe better than more southern options but the markets play everything the same.
County average corn yield for insurance purposes is 164, soybeans 45. Do the math, nowhere close to what the I states churn out.
For future reference here is a link to the website of the co-op I sell my grain at, feel free to check out the prices offered, currently corn basis looks better than what we have seen in the past, soybeans still aren't the greatest... Notice basis also varies by location.
http://www.centralregioncoop.com/
Edited by MNfarmer85 4/18/2019 02:26
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Thoughts on the whining around here
