While reading through echopress.com, I ran across an article entitled, “Minnesota ranks 7th in ag production”. According to this article, even though the nation’s economy is struggling, Minnesota is still among the top ten agricultural leaders in the country and its farm income is growing as is the value of agricultural products. This is even more significant when we consider that Minnesota, along with eight other states, accounts for 50% of the total value of U.S. agricultural products. Minnesota ranked seventh among the top nine producing states. This news comes from the 2007 U.S. Census of Agriculture, which was released recently. The Census Bureau conducts its Agricultural Census every five years.
Minnesota’s farm production market value grew from $8.6 billion to $13.2 billion over the last five years. The amount of sales from crops and livestock are almost evenly split at 53% and 47% respectively. Hopefully this will be a continuing trend that helps Minnesota to weather the coming economic hardships our nation is facing.
The great thing about Minnesota’s agricultural sector is that it is in a good situation to weather any potential economic problems because regardless of the economic situation, people have to eat. Crops and livestock are always in demand, however, because of the fact that fuel and fertilizer expenses for these farmers has gone up a whopping 90%, it may not be the agricultural sector that sees more profits from this 54% increase in market value over the past five years. Now that the price of oil has dropped again, farmers should start seeing more profits.
If you are interested in seeing the recently released census results, please visit http://www.agcensus.usda.gov or call 1-800-727-9540.
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