Minnesota farm income in 2024 was the lowest of the century

Minnesota farm income plummeted to $21,964 in 2024—the lowest this century—according to University of Minnesota data released April 2025. Crop producers were hardest hit, with median income near zero after wet planting conditions followed by drought. Crop prices fell 20%, forcing farmers to deplete cash reserves. While livestock producers fared better due to lower feed costs, 2025’s outlook remains uncertain amid tariffs and high interest rates, despite expected government assistance. The report represents 13% of Minnesota farms with incomes over $250,000 annually.