Minnesota farmers to produce 1.34 billion bushels of corn, 312 million bushels of soybeans

The federal government predicts Minnesota farmers will produce 1.34 billion bushels of corn this year, up 40 million bushels from last year.

The U.S. Department of Agriculture's production outlook for Minnesota also predicts corn yields averaging 168 bushels per acre, up eight bushels from 2013.

Minnesota soybean production is forecast at 312 million bushels, up 15 percent from last year. The average yield is expected to be 42 bushels per acre, one bushel more than 2013.

Tuesday's data is part of a national forecast for a record-breaking corn harvest of 14 billion bushels, surpassing earlier expectations. The USDA also says soybean production nationwide also will set a new record of 3.8 billion bushels.

The resulting lower prices won't immediately cut grocery costs, though livestock producers will pay less for feed.