New data from the University of Minnesota and Minnesota State shows the median net farm income for Minnesota farms dropped to $21,964 in 2024, the lowest level this century.
Extension Economist Pauline Van Nurden with the University of Minnesota’s Center for Farm Financial Management joins us.
“So this past year in in Minnesota, we did see the lowest median net farm income for Minnesota producers since in the 21st century. That was especially true for crop producers who saw their incomes near zero for the median farm in 2024. That was down 95% from the previous year. So our livestock producers had a little bit better year, saw some improved profitability, but the crop producers certainly had a lot of challenges last year.”…