University of Minnesota Center for Farm Financial Management Extension Economist Pauline Van Nurden reports the 2023 median net farm income for Minnesota farms fell 76 percent from the previous year. This is largely due to rising costs and around-average yields. “Not only were prices falling, but input costs were sticky and fairly high across the board,” said Van Nurden. “Looking forward, we are unfortunately probably expecting another challenging year, just given the fact that corn and soybean prices haven’t rallied.”
