ST. PAUL, Minn. (AP) — A new report says median net farm income among Minnesota crop farmers more than doubled in 2010, while livestock farmers became profitable again.
The joint report by the Minnesota State Colleges and Universities system and the University of Minnesota says overall median net farm income was nearly $120,000 among about 2,500 Minnesota farms in 2010. That’s up more than $33,000 from 2009.
For crop farms, the median net farm income increased to over $161,000, up from about $60,000 in 2009.
A major change was the return to profitability of Minnesota hog farms. In 2010, they earned median profits of more than $250,000 compared with losses of $73,000 in 2009. The median dairy farm made a net income of under $58,000 in 2010 compared with just over $2,000 in 2009.
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