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.