Curtis Mahnken, Agricultural Economist with the University of Minnesota Center for Farm Financial Management was a recent guest with the University of Minnesota CropCast podcast with co-hosts Dave Nicolai and Seth Naeve. Curtis reviewed the results of a recent analysis study concerning Minnesota 2024 Farm income.
This analysis includes data representing approximately 13% of Minnesota’s farms with gross incomes over $250,000 annually. It was compiled from 2,198 participants in the Minnesota State Farm Business Management programs and 115 members of the Southwest Farm Business Management Association. The data is collected by FINBIN (finbin.umn.edu), a database that provides farm-level financial data, commodity-specific reports and benchmark reports for peer comparison. According to the data the median net farm income for Minnesota farms dropped to $21,964 in 2024, marking the lowest level this century. Falling crop prices coupled with below-trendline crop yields due to weather extremes resulted in low incomes, especially for crop producers.
In addition to reviewing the results of the 2024 farm income analysis, Curtis discussed a new free farm income decision aid software tool for use by Minnesota farmers and ag professionals from the Center for Farm Financial Management called “CropCost” which will help to determine the cost of production for field and specialty crops. CropCost is designed to help identify the cost of production for each crop you grow, as well as breakeven cost of production at varying yields and expense amounts.
The Center for Farm Financial Management at the University of Minnesota develops software, web applications and educational programs focused on farm financial planning, financial analysis, business planning and commodity marketing for farmers and ranchers, educators, lenders, small business owners and other ag professionals.
Curtis Mahnken joined the Center for Farm Financial Management in 2010 as an Extension Economist. Prior to arriving at the center, he spent four years with the University of Kentucky as an Area Extension Specialist in Farm Business Management. He grew up on a 100 cow dairy farm in southern Illinois and has been described as having milk running through his veins..
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What is Minnesota CropCast?
Hosts David Nicolai and Seth Naeve discuss the progress and challenges of Minnesota's agronomic crops in this new podcast. They are joined by a diversity of specialists representing all crops and agronomic disciplines to discuss their research and its impact on future Minnesota crops. Dave Nicolai is a crops Extension educator and Seth Naeve is the Extension soybean agronomist.
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