Despite the unpredictable economic conditions of 2020, the bottom line for Minnesota farmers improved. That’s according to a farm income report from University of Minnesota Extension. Much of increased profitability can be credited to improved commodity prices in the third and fourth quarters of 2020. Median net farm incomes for Minnesota farms was just shy of $107,000. 2020 was unique in the sense that all types of farms or ranches had profitable returns. For 2021, USDA is forecasting net farm income to decrease eight percent. This decline is expected because of lower government payments to farmers. Read more.
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