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2020 Profits for MN Farmers

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MINNEAPOLIS (AP) — Rising commodity prices, good weather and two rounds of government aid in 2020 led Minnesota farmers to their most profitable year in nearly a decade. A report from the University of Minnesota Extension and the Minnesota State Agricultural Centers of Excellence pegs median farm net income at nearly $107,000 last year following seven years of low profitability. By contrast, from 2013 to 2019, the state’s median annual farm profit hovered between about $27,000 and $42,700. Government support played a key role in farm profits last year, accounting for 12% of gross farm income for the average producer.


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