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Report states Minnesota farmers saw higher profits in 2020 despite COVID-19 pandemic

Minnesota farmers saw higher profits in 2020 despite the COVID-19 pandemic.  A report from U of M Extension and the Minnesota State Agricultural Centers of Excellence finds median net farm income in the state reached nearly 107-thousand dollars last year. Extension economist Pauline Van Nurden says crop farmers capitalized on higher prices by producing above trend-line yields.

The median net farm income across Minnesota crop farms in 2020 was nearly $110,000.  The median dairy farm earned $173,000.  Pork producer net earnings averaged $310,000.  And for beef producers, the median net farm income was up $4,000 on the year at just under $43,000 in 2020.

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