In the Agriculture, Rural Development and Housing Policy Committee this week, members heard there are variances across the state, but 2018 was a challenging year for farmers overall. It was the fifth year in a row with very low profitability. Median net farm income was reported at $28,620 for 2017. Additionally, 2019 cash flow projections are troublesome for many farmers. Compounding this problem is the limited amount of credit available. Testifiers reported that this has all led to a tremendous increase in the number of Farmer-Lender Mediations. Agriculture is critical industry important to Minnesota and the United States. It is clear the legislature will do what it can this session to assist farmers as they continue to confront difficult economic conditions.
Agriculture economy reviewed in committee
- by jacquec