NEW ULM, Minn. — Milk prices have fallen by more than one-third since last fall, putting a crunch on dairy farmers after several profitable years.
The downturn’s duration is unclear, but some Minnesota farmers are already losing money month-to-month.
Steve Hoffman, a dairy farmer near New Ulm, said he lost more than $1,000 in January, after having what he called “by far the best year” he’s had. The 49-year-old owns 140 cows, with daily milk production worth about $1,500.
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