February 29, 2024

Despite a challenging weather year in Minnesota, corn growers managed to increase their harvest by 4% to 1.51 billion bushels. Nationwide, farmers saw a record harvest of 177.3 bushels per acre. In Minnesota, wet spring conditions and a lack of moisture through the summer led to a decrease in silage volumes, but the state still planted 690,000 more acres of corn than in 2022. Sugar beets also had a record-breaking year, with a 13% increase in harvest. However, the soybean harvest was down 5% from the previous year. Commodity prices were softer in 2023, with an average price of $4.80 per bushel of corn, compared to $6 in 2022. This may lead farmers to be more cautious about big-ticket equipment purchases in the coming year. Despite the challenges, the president of the Minnesota Corn Growers Association expressed confidence in the industry’s ability to weather the storm.

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