Bad weather, trade wars, keep lid on Minnesota farm income
ST. PAUL, Minn. (AP) – A new report says Minnesota farmers struggled to make a profit in 2019 as bad weather and trade wars combined to keep a lid on incomes for yet another year.
According to the annual report from University of Minnesota Extension and Minnesota State, median net farm income was up slightly from 2018 but still low at $36,211.
Keith Olander of Minnesota State University says farming is far from profitable, and Minnesota farmers need a good year.
The report found 28% of farms lost money, 45% lost working capital and 46% did not earn enough to cover scheduled debt payments.