2007 Minnesota farm data released

March 28, 2008

Minnesota farm profits were up for 2007

FINBIN released 2007 Minnesota farm data on Monday, March 24.

Median net farm income was $105, 431 for the 2574 Minnesota farms contributed by the Minnesota Farm Business Management (FBM) program and the Southwest Minnesota Farm Business Management Association for 2007.  Average income increased to $155,966, compared to $96,432 in 2006.  Crop farms had a very good year in 2007, with an average rate of return on investment of 17%.  Dairy farms, on average, also had a very profitable year, in spite of increased feed costs, but hog and beef farm incomes were substantially reduced.  While incomes increased, expenses also continued to climb.  On and accrual basis, expenses increased by 15% in 2007 for this group of farms.

	Related Topics
	• FINBIN - The Farm Financial Database