Report: Minnesota Livestock Producers Had Profitable 2014
MINNEAPOLIS (AP) - A new report says many Minnesota livestock producers enjoyed record profits in 2014 while earnings for crop producers fell for the second straight year.
The annual report comes from the Minnesota State Colleges and Universities system and University of Minnesota Extension. It highlights how the state's crop and livestock farmers have been on divergent paths.
Overall median net farm income for participating farmers was $43,000, up 3 percent from 2013 but substantially lower than the record profits they posted in 2012.
Median income for crop farmers was just $17,000, down from $261,000 in 2012.
But many Minnesota livestock producers had their best year ever in 2014. Their median income was $138,000, compared with $38,000 in 2013.
The report warns that livestock and crop growers alike face tougher times this year.