Minnesota’s net farm income was nearly a record high in 2021. University of Minnesota Extension economist Pauline Van Nurden says their annual report takes cash inflows and outflows, income, expenses, and capital purchases into account.
“The 2021 year actually ranks second among the historical records. The other year that was higher was 2012.”
High commodity prices have been the primary driver as the median net farm income reached $166,262 in 2021.