2020 Annual Report of the Southwest Minnesota Farm Business Management Association

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

No 310601, Staff Papers from University of Minnesota, Department of Applied Economics

Abstract: The average net farm income for the 108 farms included in the 2020 annual report of the Southwest Minnesota Farm Business Management Association was $322,402, up more than 100% from the preceding year. Much of this increased profitability resulted from improved crop prices in the third and fourth quarters of 2020 as well as improved profitability for livestock producers. Government payments related to the impacts of the COVID pandemic were also a big factor. Profits for association members were at their highest levels since 2012. Crop producers saw higher earnings based on above average yields, higher harvest season prices, and increased government payments. Livestock markets were severely impacted by the pandemic especially in the second quarter of the year. Earnings for all types of livestock operations were up primarily because of COVID related government payments. Without those payments, many livestock producers would have suffered severe losses.

Keywords: Agricultural and Food Policy; Demand and Price Analysis; Farm Management; Livestock Production/Industries (search for similar items in EconPapers)
Pages: 96
Date: 2021-02
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Persistent link: https://EconPapers.repec.org/RePEc:ags:umaesp:310601

DOI: 10.22004/ag.econ.310601

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