News

Minnesota Farm Income Drops Sharply In 2013

Photo: clipart.com

MINNEAPOLIS (AP) — A new report says Minnesota farm income dropped dramatically in 2013 largely because of lower corn prices.

An annual joint analysis by the Minnesota State Colleges and Universities and University of Minnesota Extension says net farm income was $41,899 for the median farm. That’s down 78 percent from $189,679 in 2012.

While crop farm incomes plunged, the report finds livestock farms did not fare much better. Incomes for dairy, hog and beef farms also declined.

Extension economist Dale Nordquist says the drop is not a surprise. He says the question is how long lower profits will last.

The study uses data from over 2,000 participants in MnSCU farm business management education programs, 111 members of the Southwest Minnesota Farm Business Management Association and 41 participants who worked with private consultants.

Recent Headlines

in Entertainment

Today in entertainment history: Aug. 5

dickclark

A look back on the headlines that made Hollywood history.

in Entertainment

‘Empire’ creators face lawsuit over Cookie

empire

Sophia Eggleston, of Detroit, Michigan has filed a $300 million lawsuit claiming the show's central character Cookie, played by Taraji P. Henson, is so similar to her that creator Lee Daniels must have used her as his muse.

in Music

Thompson Square is having a baby

thompsonsquare

The married country duo are expecting their first child together.

in Entertainment

Robert Downey, Jr. is laughing all the way to the bank

robertdowney

The "Iron Man" star is once again Hollywood's highest paid man.

in Entertainment

‘Dungeons & Dragons’ coming to the big screen

dungeonsanddragons

Warner Brothers says the popular fantasy role-playing game is being converted into a feature film.