Economist John Newton, who is now the executive head of Terrain, has released a state-by-state report on farm profitability. North Dakota had the biggest downturn in the Midwest and Northern Plains for gross farm income last year, dropping 12 percent. Gross farm income was down eight percent in Minnesota and down two percent in South Dakota. Farm expenses were high nationwide, including an uptick of four percent in North Dakota, up seven percent in Minnesota and down one percent in South Dakota. When adjusted for inflation, net farm income declined a massive 38 percent in North Dakota, down 43 percent in Minnesota and just four percent in South Dakota. Newton is the former economist for the Senate Agriculture Committee and had a similar role for Farm Bureau and the National Milk Producers Federation. Terrain is provides economic analysis for AgCountry Farm Credit Services, Farm Credit Services of America, American AgCredit and Frontier Farm Credit.
