A new survey from the Federal Reserve Bank of Minneapolis suggests strong farm incomes so far this year, even with the higher cost of inputs, like fertilizer.
An April survey of 54 banks found that 87% have seen an increase in farm incomes during the first quarter, said the Minneapolis Fed's regional outreach director, Joe Mahon, on Tuesday. The survey measured credit conditions in the January-March period across five states, including Minnesota, the Dakotas, Montana and northwest Wisconsin.
The news continues a strong financial streak, with Minnesota farmers posting near-record profits last year with median income of $166,000, according to the University of Minnesota Extension.
