ST. PAUL, Minn. (AP) — Minnesota farmers continue to struggle financially, despite record crop yields.
An analysis by Minnesota State Colleges and Universities and the University of Minnesota Extension released Thursday shows prices for nearly all major commodities declined in 2015. Although livestock producers had a good year in 2014, both crop and livestock farms had a tough year financially in 2015.
Overall, the median net farm income in Minnesota is about $27,000, down 37 percent from last year to the lowest point in inflation-adjusted dollars in 20 years.
The median livestock producer earned just under $24,000. That’s down from about $110,000 in 2014. The median income for crop farms was just over $26,500, up from $16,500 in 2014, but down significantly from 2012 when income was about $260,000.
The report also shows dairy profits have dropped significantly since a record year in 2014. Dairy farms earned an average profit of about $41,500, down 70 percent from 2014.
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