Minnesota Farm Income Hits Historic Low

Minnesota’s median net farm income in 2024 dropped to just under $20,000, driven by declining crop prices and reduced yields. “It is the lowest for the century, unfortunately,” said Pauline Van Nurden, Extension economist, Center for Farm Financial Management. Despite the income decline, Van Nurden said many farmers still have a financial buffer. “There is still good working capital for most producers and a lot of solvency, a lot of good asset base on producers’ balance sheets,” she explained. “So it’s always hard to say, of course, but given those factors, there is a several-year time period that producers can withstand losses in working capital like that.”