Minnesota farm income saw sharp drop in 2009
Minnesota farm income saw a sharp drop in 2009.
New federal figures say net farm income received by Minnesota producers in 2009 was down 47 percent from the revised amount for 2008, which was considered a very good year. But it remained well above 2007 levels.
The National Agricultural Statistics Service reported Tuesday that the decrease resulted from lower crop and livestock prices. In addition, seed expenses were up, but fertilizer and pesticide expenses were down.
Government payments to Minnesota farmers in 2009 were down 3 percent from 2008, totaling $528 million.
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Total cash receipts for Minnesota farms totaled $13.3 billion, down 15 percent from the revised 2008 level. The total value of crops sold, at $8.4 billion, was down 12 percent. Cash receipts from total livestock marketings were $4.9 billion, down 20 percent from 2008.
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Online: USDA NASS Agri-View report
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