ST. PAUL, Minn. (KEYC) - Farm income for southern Minnesota seeing its highest levels since 2012.
The University of Minnesota reports the median net farm income for southern and western Minnesota farmers in 2020 was about $102,000. This followed seven years of sub-par income levels.
More than 1500 farms were included in the report, with 56 percent being cash crop farms and 16 percent livestock operations. The report also noted that in 2020, the average farm business spent around $959,000 for farm business operating expenses, capital purchases, and family living expenses, with most of these dollars spent in local communities, helping support the area’s overall economy.