Report: 2023 Net Farm Income Drops to 8%

ST. PAUL (WJON News) - As the spring of 2024 arrives, most farmers in Minnesota are ready to put 2023 behind them.

The University of Minnesota’s Center for Farm Financial Management reports the average Minnesota farmer made just over $44,000 in 2023, a 76% drop from 2022’s record net income.

Get our free mobile app

The survey polled more than 2,000 farmers engaged in production agriculture, many with gross income greater than $250,000. They found the year-to-year drop in commodity prices led to the average farmer keeping 8 cents for every dollar in gross income.

Since 2022, milk prices have dropped 21% and pork prices have fallen 16%.

The only bright spot in 2023 was record-high prices in beef.

THIS MONTH'S MOST-READ STORIES:

Poultry Farms Using Lasers to Keep Wild Birds Away
Benton County Fair Announces Grandstand Lineup
GALLERY!! The Foley Mansion is Ready for the Public

LOOK: 20 Outside-the-Box Uses for Vacant Big-Box Stores

When a big-box store shuts down, its closure can significantly affect the local community and its economy. In numerous instances, the emphasis has shifted from traditional retail to more experiential opportunities. Let's explore 20 innovative businesses and services that can make the most of these adaptable spaces.

Gallery Credit: Stephen Lenz

Source: Report: 2023 Net Farm Income Drops to 8%

Categories: articles