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Minnesota net farm income sinks to lowest level this century

A new report shows net farm income in Minnesota has fallen to its lowest level this century.

University of Minnesota Extension economist Pauline Van Nurden says the median income dropped to just under $22,000 in 2024.

“Going back to the mid 1990’s, still the lowest median net farm income for Minnesota producers over that whole time span. So it just speaks to the challenges of last year.”

She tells Brownfield 2024 was especially difficult for crop farmers in the state who faced adverse weather, low commodity prices, and high input costs.

“They were closer to zero as a median, so just over $0 for the year. They lost about 25 percent of their working capital as well.”

In contrast, the data collected from around 2,200 crop and livestock farms in the state showed cattle, pork, and dairy producers had much better years financially in 2024.