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The FINBIN database has been updated to include 2020 farm financial reports for the Minnesota farm business management programs. Minnesota farms saw improved profitability this past year, despite the challenges posed by COVID. Much of this increased profitability is related to improved commodity prices in the third and fourth quarters of 2020.
Median net farm income for Minnesota farms reached $106,969 in 2020. This was a welcome increase after seven years of low profitability. 2020 farm profits were above average when compared to historical records when adjusted for inflation. For much of the year, the pandemic created considerable uncertainty and many challenges for farms and small businesses alike. Government programs related to COVID relief benefitted those in need during this challenging time.
Not every operation prospered during the year though. The lowest profit farms saw a negative net farm income for the year. The median net farm income for farms in the low 20% lost over $3,000 last year.
You can use FINBIN’s summary reports to see the financial results for all farms by type or size of farm. Or, run a benchmark report to compare your farm to a group of farms similar to yours.
Minnesota farmers continued to struggle with low profitability in 2019. Median net farm income was up slightly from the previous year at $36,211, but was still historically low. Each of the past five years has fallen in the bottom third of historical records when adjusted for inflation. Overall, 28% of farms lost money last year, 45% lost working capital, and 46% did not earn enough to cover scheduled debt payments. Profitability was mixed for Minnesota’s major commodity farms. Dairy and pork producers saw improved profitability for the year, whereas crop and beef farms saw continued similar income levels to the previous year. Not every operation struggled. Across all farms, the farms earning the highest net incomes, those in the top 20%, earned an average of $336,000. Those in the lower 20% lost almost ($78,000).
View the 2019 FINBIN Report on Minnesota Farm Finances to learn more about the financial health of the state's agriculture industry.
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