The study "estimated that the rail delays cost Minnesota corn growers $72 million in lower prices from March to May, an average loss of 30 cents per bushel," Steve Karnowski reports for The Associated Press. The report found that revenue losses are $18.8 million for soybean growers—or 40.5 cents per bushel and $8.5 million for wheat growers—or 41 cents per bushel.
"The report also estimated that the 330 million bushels of corn remaining in on-farm storage bins across Minnesota as of June 1 was worth $122 million less because of rail bottlenecks," Karnowski writes. "It said the remaining 9.2 million bushels of hard red spring wheat stored at farms was worth $1.7 million less. Lower values were less of a problem for soybean growers because there's not much left of the 2013 crop." (Read more)