Minnesota 2011 corn crop worth record $7 billion

Soybean crop value down from 2010 numbers

Minnesota’s 2011 corn crop value is estimated at a record $7 billion, up 9 percent from 2010’s record, according to U.S. Department of Agriculture numbers.

The state’s corn production was down 7 percent from 2010, but the average price for 2011 is estimated at a record $5.85 per bushel, up from the previous record of $5.01 in 2010. Minnesota’s soybean crop was worth $3 billion, down 13 percent from 2010 numbers due to an 18 percent drop in production because of weather and farmers shifting to corn. But the average price rose from 2010’s $10.90 per bushel to 2011’s record $11.50 per bushel.