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Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
Of the 2,401 Minnesota farms included in the "FINBIN" survey for 2009, the median farm saw a 63% decrease in net income from $91,242 to $33,417. Each year, the Center for Farm Financial Management performs a survey of Minnesota farmers. Their response for 2009 represented about 3% of overall farms and about 10% of the farms with total sales over $100,000.
A summary of the results for 2009 show the following:
But every market analyst feels 3.50 corn is super. And 4.50 dollar wheat is a windfall.