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“The more drought-stressed regions of the state saw less improvement in profitability but they all did see improvement year over year,” said Pauline Van Nurden of the University of Minnesota’s Center for Farm Financial Management.
Adjusted for inflation, last year was the second-most-profitable on record. It was also the second straight year of improved profitability for the state s farmers after seven years of barely breaking even.
Some reminders about good crop marketing
Developing a plan, and sticking fairly close to it, are essential to marketing crops successfully, two farm business management instructors said at a recent farm show. 5:30 am, Jan. 8, 2021 ×
Farmers generally rate themselves high on their ability to raise crops but aren t as confident about their marketing decisions. (Erin Ehnle Brown / Grand Vale Creative LLC)
Most farmers will say they re pretty good at raising crops; few will say that about marketing their crops. Betsy Jensen has some suggestions that might help.
Producers need a marketing plan, one that includes both persistence and flexibility as well as knowing your cost of production (and) also updating your cost of production, Jensen said.