Net farm income received by Minnesota farmers in 2010 was up 48% from 2009, according to the USDA-NASS Minnesota Field Office.
Increase in farm income was a result of an overall reduction of input costs such as fuel, pesticides, marketing and storage, while most commodity prices received by farmers were above 2009 prices. Employee compensation expenses and interest expenses were down 6% and 5%, respectively, while rent expenses increased 18%.
Government payments to Minnesota farmers in 2010 were up 7% from 2009. Payments totaled $566 million.
Total cash receipts for Minnesota farms totaled $15.1 billion, 10% above the revised 2009 level of $13.8 billion. The total value of crops sold, at $8.96 billion, increased 4% from 2009. Corn, the state's largest crop in terms of cash receipts, increased 8%. Soybean value increased 2% from the previous year, while all wheat decreased 11%.
Cash receipts from total livestock and livestock products, at $6.18 billion, were up 19% from 2009. Hogs, the state's largest livestock commodity in terms of cash receipts increased 18%. Both dairy and cattle and calves cash receipts increased from 2009 at 21% and 22%, respectively.
Source: USDA-NASS Minnesota Field Office