MINNEAPOLIS (WCCO) — Minnesota farmers are helping to contribute to record breaking harvest predictions for the year.

The federal government predicts that Minnesota farmers will produce 1.34 billion bushels of corn this year.

READ MORE: Minnesota Weather: Monday Will Be Season's Coldest, With Flash Freeze Causing Icy Commutes

That’s up 40 million bushels from last year, despite our cold and very wet spring.

This year’s crop is part of a record-breaking forecast for the United States, which shows a total harvest of 14 billion bushels.

READ MORE: Firefighters Hurt By Falling Porch During Minneapolis House Fire

Soybean production is also expected to set a new record.

Experts say the resulting lower prices from the record crop won’t immediately cut grocery costs.

MORE NEWS: Twins Legends Kaat, Oliva Among 6 Baseball Greats Elected To Hall Of Fame

But livestock producers will pay less for feed.