Archives for March 2019

Minnesota Farm Income Hits Historic Low

After adjusting for inflation, Minnesota farms earned the lowest median farm income in the past 23 years of data tracked by University of Minnesota Extension and Agricultural Centers of Excellence within Minnesota State.  

In 2018, the reported median net income was $26,055, down 8 percent from the previous year. Farmers in the lowest 20 percent reported losing nearly $72,000. The analysis examined data from 2,209 participants in farm business management programs, as well as 101 members of the Southwest Minnesota Farm Business Management Association.  This is a collaborative project with the FINPACK Team and the Center for Farm Financial Management (CFFM).

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Does the Implementation of Technology Improve Farm Profitability?

Agriculture and Technology

By:  C. Robert Holcomb and Joleen Hadrich

In 2017, the Minnesota State Colleges and Universities Farm Business Management Program, the Southwest Minnesota Farm Business Management Association (SWMFBMA), and the University of Minnesota Extension conducted a survey to identify management skills and tendencies of highly successful producers. 

This month, we will discuss how the use of technology in the farm operation affects profitability.  (Previous articles in the Top Farmer series can be accessed here and here.) Only 6% of all farms considered themselves innovators, adopting technology at its earliest availability.  Forty-five percent of the respondents consider themselves early adopters, making investments in new technology once proven by a small number of success stories.  This group does not consider themselves innovators though. 

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2019 National School for Beginning Ag Bankers

The FINPACK Team wants to alert you to an outstanding educational opportunity – the 2019 National School for Beginning Ag Bankers, being held June 24 – 27 at Black Hills State University in Spearfish, SD. CFFM has had a long relationship with this school, our staff is integral members of the teaching team, along with a talented group of seasoned ag bankers.  This school is an intensive program designed to train in all facets of agricultural lending with an emphasis on credit analysis, credit score, risk rating, problem loans, and group case study.

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