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Minnesota net farm income second-highest in 25 years in 2022

Minnesota farmers enjoyed a very profitable year in 2022.

University of Minnesota Extension economist Pauline Van Nurden says annual data collected by a database called FINBIN shows median net farm income for crop and livestock producers in the state rose eight percent to nearly $180,000 in 2022.

“And that actually is the second-highest income year over the past 25 years for farms in the state.”

She tells Brownfield the average Minnesota farm saw continued improvement in working capital, and repayment capacity, solvency, and financial efficiency performance remained strong.

Van Nurden says there were challenges, including a 14 percent rise in expenses year over year.

“That came in a variety of forms, whether it was increased fertilizer prices, increased fuel prices. All kinds of inflationary pressure, repairs, all of those things were up.”

More than 2,100 farmers participated in the analysis.

The median net farm income on Minnesota crop farms in 2022 was almost $235,000. 

High crop prices did translate to higher feed costs for livestock producers, but earnings were up for beef and dairy.  Hog farms did see slightly lower earnings year to year in 2022.