1-23-14 farm income

MADISON, Wis. (AP) — Wisconsin farmers earned about $3.75 billion in profit last year, coming close to the record $3.8 billion earned in 2011.  That's according to a report released Wednesday by the University of Wisconsin-Madison.  Farm profit in 2013 was $550 million more than in 2012.  UW-Madison agricultural economist Ed Jesse says a healthy dairy industry helped generate much of the profit. Wisconsin dairy farmers had a record $5.6 billion in milk sales, which reflects both high milk prices and increased production.  The report published by UW-Madison's Renk Agribusiness Institute also says several years of good profits have put Wisconsin farmers in a strong financial position. On Dec. 31, 2012, the value of farm assets had increased by 8 percent from a year earlier, while debt increased by the same amount.