Report: Minnesota farm income continues to drop
MINNEAPOLIS (AP) — A report finds Minnesota farm income continues to drop and hit a new low last year.
University of Minnesota Extension and Minnesota State tracked the past 23 years of data and found after adjusting for information, Minnesota farms in 2018 earned the lowest median farm income during that period.
The analysis released Monday found that Minnesota farms’ reported net income in 2018 was just over $26,000, down 8 percent from the previous year. Farmers in the lowest 20 percent reported losing nearly $72,000.
Participating producers represented about 10 percent of Minnesota’s commercial farmers. The number of participating dairy farms dropped by 15 percent in 2018, reflecting the number of dairies that sold their herds.
Across all farms, 34 percent lost money on their farming operations in 2018.