Minnesota Farm Crop Incomes Rise in 2012
ST. PAUL (AP) — A new analysis finds Minnesota crop farmers had a profitable year in 2012, thanks to the drought.
Minnesota farmers were largely spared the drought that hit much of the Corn Belt last summer, according to an analysis by Minnesota Colleges and Universities and University of Minnesota Extension.
Drought-induced high crop prices combined with above average yields resulted in a profitable year for farmers who participated in the analysis.
Overall, median net farm income was up 47 percent from 2011. That’s the farm’s contribution to family living expenses, income taxes, retirement and business growth.
The analysis used information from 2,200 participants in MnSCU (MINN’-skew) farm business management education programs and 110 members of the Southwest Minnesota Farm Business Management Association.
Minnesota has about 80,000 farms.