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Profitable crop production issues for 2009

October 24, 2008
From WAYNE SCHOPER Brown/Nicollet Extension Educator

We have been in a two-year run of strong demand and excellent prices for corn and soybeans. Beginning around August of 2006 both corn and soybean prices took a strong upward surge and have been running strong ever since. In fact, on June 30th of 2008, we saw corn prices at an all-time record high of around $7.50 per bushel. This of course has changed rapidly over the past three months. Currently, corn is hanging around $3.56 per bushel, less than half of what it was at in early July. Of course we have to remember that we often see the yearly low for commodity prices during harvest time. Another good point, historically these are very good prices. Looking at the grain futures, we see that we can lock in $3.75 to $4.00 for 2009 production. Soybeans peaked at around $16 per bushel and are now selling for $8.32 per bushel with 2009 forward contracting available at $7.71 per bushel. But these prices are close to unprofitable levels for farmers in 2009.



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