The report by University of Wisconsin-Madison agricultural economists notes the $1.1 billion in farm income last year was the lowest total since 2002.
The drop in income was driven by a loss in the price of milk, which accounted for nearly 80 percent of the $1.8 billion in lost income. Another 15 percent was due to reduced crop receipts, mainly from lower corn prices.
The report notes that as bad as the year was for Wisconsin's dairy producers, they did fare better than their counterparts in California.
California produced nearly 4 percent less milk last year while Wisconsin produced about 3 percent more.