Survey: Minn. farmers earned record income in 2012
A survey of more than 1,300 crop farms in Minnesota shows they earned record income in 2012.
The joint University of Minnesota and MnSCU analysis showed the farmers in the survey had a median net income of nearly $255,000 last year, up more than 70 percent from the year before.
By far the most profitable crop for farmers was Minnesota's most popular grain, said Dale Nordquist, associate director of the Center for Farm Financial Management at the University of Minnesota.
"Corn is king, there's no doubt about that," Nordquist said.
He says most state farmers benefited from the drought. The dry weather boosted corn prices. But Minnesota farmers got just enough rain to harvest a good crop and cash in on the high prices. Dairy farm income climbed 12 percent last year.
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