2020 Annual report of the Southwest Minnesota Farm Business Management Association
Staff Paper Series - Department of Applied Economics, University of Minnesota|2021. (P21-02):viii + 85 pp.
; 2021.
Article
in English
| CAB Abstracts | ID: covidwho-1876358
ABSTRACT
The average net farm income for the 108 farms included in the 2020 annual report of the Southwest Minnesota Farm Business Management Association was $322,402, up more than 100% from the preceding year. Much of this increased profitability resulted from improved crop prices in the third and fourth quarters of 2020 as well as improved profitability for livestock producers. Government payments related to the impacts of the COVID pandemic were also a big factor. Profits for association members were at their highest levels since 2012. Crop producers saw higher earnings based on above average yields, higher harvest season prices, and increased government payments. Livestock markets were severely impacted by the pandemic especially in the second quarter of the year. Earnings for all types of livestock operations were up primarily because of COVID related government payments. Without those payments, many livestock producers would have suffered severe losses.
Agricultural Economics [EE110]; Income and Poverty [EE950]; Agencies and Organizations [DD100]; Marketing and Distribution [EE700]; Supply, Demand and Prices [EE130]; economic impact; profitability; farm income; farms; government; income; livestock; losses; markets; prices; profits; reports; yields; domestic animals; Minnesota; USA
Full text:
Available
Collection:
Databases of international organizations
Database:
CAB Abstracts
Language:
English
Journal:
Staff Paper Series - Department of Applied Economics, University of Minnesota|2021. (P21-02):viii / 85 pp.
Year:
2021
Document Type:
Article
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