2019 Annual Report of the Southwest Minnesota Farm Business Management Association

Pauline A. Van Nurden, Garen J. Paulson, Donald L. Nitchie, Tonya L. Knorr, Rachel A. Purdy and Dale W. Nordquist

No 302822, Staff Papers from University of Minnesota, Department of Applied Economics

Abstract: The average net farm income for the 106 farms included in the 2019 annual report of the Southwest Minnesota Farm Business Management Association showed improved margins for the year. Improved profitability of livestock enterprises coupled with government support payments provided much of the boost in profitability. The average farm earned $145,004 in 2019, up from just over $72,000 in 2018. Yet, earnings received in the recent past are still historically low compared to those received in the first half of the decade. Crop producers saw slightly higher net farm income for the year on average. Again, much of this was provided by the Federal farm program payments related to trade losses. The southwest area of the state experienced below trendline yields and unprecedented numbers of prevented plant acres in 2019 because of the yearlong weather challenges. Overall, crop farm operations were again challenged for the year due to weather, leading to the lowest crop yields most producers have experienced in recent years. Earnings for all types of livestock operations were up from the previous year, as commodity prices for major livestock types were all improved year over year.

Keywords: Agricultural Finance; Farm Management (search for similar items in EconPapers)
Pages: 95
Date: 2020-02
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Persistent link: https://EconPapers.repec.org/RePEc:ags:umaesp:302822

DOI: 10.22004/ag.econ.302822

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