Minnesota Farm Business Management released their 2017 farm financials. Northland Community and Technical College Farm Business Management Instructor, Ron Dvergsten, says even with tough commodity prices, the average Red River Valley farm did make some money in 2017.
“This can be attributed to the good yields and decent price for sugarbeet growers. Across the entire area, it was an excellent year for spring wheat and other small grains. Minor crops like canola and rye grass also had good years.”
The state average income for farms in the program had a net farm income of $59,000 while the farms in the Red River Valley averaged $149,000. While net farm income was on the plus side, Dvergsten says profitability was much lower. Check out the report.