January 29, 2020

Implications of High Commodity Prices

Matt McKinney reported in yesterday’s Minneapolis Star-Tribune that, “Fortune smiled on rural Minnesota in 2007, as median farm income soared 73 percent in a year, to $105,000, on runaway demand for corn, milk, wheat and soybeans.

“A University of Minnesota survey of 2,600 farms concluded that it was the most profitable year for the state’s farmers since 1973.

“‘We’re in one of those golden ages of agriculture,’ said Dale Nordquist, associate director of the Center for Farm Financial Management at the university, which does the annual survey.”