MINNEAPOLIS - 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.