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While corn and sugar beet yields are expected to meet or even surpass expectations, a cold spring and hard midsummer rains have dampened hopes for wheat and dry beans. Meanwhile, market speculation that initially raised prices to an artificial level has since sent the price per bushel spiraling downward, agricultural monitors say.

The wheat harvest that started on the west side of Sanilac County prior to the mid-July rains looked good - but very little was able to be harvested on the eastern side after the rains began, said MSU Extension Director Martin Nagelkirk.

"And a third to a half that was harvested was rewetted, a lot of it," he said.

As a result, grain elevator officials say they already are seeing the effects.

"The quality of the wheat is deteriorating quite rapidly," said Larry Hoist, manager of UAP Great Lakes in Croswell. "We're starting to see sprouts and lower test weight and high moisture. We can correct the moisture, but that's a cost to the grower."

Dennis Philpot of Michigan Agricultural Commodities in Marlette and Brown City is seeing the same result.

"Wheat has had too much rain and we're starting to see sprouts in it," he said. "I can't yet speak how much loss that may cause. If it keeps raining, it may get worse."

What's more, wheat prices have gone down $5 a bushel since March, largely due to a glut on the world market following the shortage last year.

"Basically because of it, every nation put in lots of wheat this year," Philpot said.

While this may represent a loss to wheat farmers, consumers are not likely to see much change in prices as a result of bumper yields because of increases in marketing and transportation costs, he said.

Dry beans took a hit early in the season because spring freezes forced replanting in many areas. While they are catching up now and starting to flower, farmers expect only an average yield, Nagelkirk said.

Soybean planting also was delayed because of the cold and rain and some crops had to be replanted. While soybeans also are recovering well, at least in dryer areas, an average yield is expected, he said.

Hay has been a challenge with the rainy conditions.

"The quantity is there, but getting quality bales has been challenging," Nagelkirk said.

On the plus side, corn yields are expected to be excellent this season.

"It's responding very well to both the moisture and the warmth and growing very rapidly, with prospects for a good yield," Nagelkirk said.

Regardless of yields, market speculation has caused sharp bumps and dips in crop prices recently, said Philpot, a grain merchandiser for MAC in Marlette.

Corn has dropped to $5.20 a bushel, down from $7 in the past few weeks, partly because the production of ethanol made from corn is tied to gas production.

Soybeans lost $3 a bushel in the past three weeks because of changes in demand for vegetable oil and animal feed.

Speculators who buy commodities to force the price up, then sell and depress prices also are to blame.

"That's why the government is doing some investigation on it right now," Philpot said.

"Prices might jump up again. You never know. That's the market for you."

As for sugar beets, the crop is looking outstanding all over the growing region, said Ray VanDriesch, spokesman for Michigan Sugar in Bay City.

"We had beautiful spring and summer rains and prices are presently firm. The USDA has opened allocations to allow more stocks on the market for the domestic sugar industry," he said.

Jerry Coleman, marketing director for Michigan Sugar, notes that the cost of production has gone up significantly in terms of fertilizer and fuel for all farmers, including beet farmers, which will affect final profits.

But several factors have combined to make sugar beet growers happy.

Nationwide, sugar beets lost 17 percent in acreage to competing crops because at the time, other crops paid more.

"This has created an incredibly strong demand for sugar," he said.

Also, more food processors are switching from high fructose corn syrup to sugar to satisfy the change in customers' tastes.

"Consumers have become more health conscious," Coleman said. "This change has dramatically raised the price of sugar by about 20 to 25 percent year over year."

While Coleman can't yet project what growers' final payment per ton will be, "I think it is safe to say that relative to last year, (sugar beet) farmers can expect a better per ton payment for this year's crop," he said.