Minnesota farmers enjoy notable profits in 2020

MINNEAPOLIS (AP) — Rising commodity prices, good weather, and two rounds of government aid in 2020 led Minnesota farmers to their most profitable year in nearly a decade.

A report from the University of Minnesota Extension and the Minnesota State Agricultural Centers of Excellence pegs median farm net income at nearly $107,000 last year following seven years of low profitability. By contrast, from 2013 to 2019, the state’s median annual farm profit hovered between about $27,000 and $42,700.

Government support played a key role in farm profits last year, accounting for 12% of gross farm income for the average producer.