Minnesota Farm Income Dropped 76% Last Year

(Minneapolis, MN) — Minnesota farmers are hoping their income will rebound after a huge drop last year. An analysis by the University of Minnesota Extension department shows average net income for state farmers dropped by more than 75-percent in 2023. Analysts say higher production expenses and lower market prices for farm goods and some types of livestock led to the decline. Many Minnesota farmers are reportedly expecting even worse results when they go to market later this year.