ROCHESTER, Minn.- A new report from the Minnesota department of revenue that was analyzed by the University of Minnesota shows that farmland prices dropped last year. That was a 5.4 percent decrease from 2016.
KIMT spoke to farmers at the Argi News Farm Show in Rochester about the new report.
Randy Hoffman is a farmer in Rochester. He tells us that the industry has changed in the last 10 years.
He said that although he doesn’t know anyone who has had trouble selling their land recently that the big problem is that consumers doesn’t understand what it takes to farm goods.
“For someone who doesn’t know about farming and they see the price of their goods increase, they’re upset, but we have to make a profit to pay taxes and keep the equipment up and running,” he said.
Hoffman said while he thinks the future of farming is uncertain, he thinks farmers are the fabric of the Midwest.
“I think there will always be a need for farming, there will still be a niche market for people that want to buy organic milk and that's where the small farmer might find a profitable avenue there.”