MADISON — Wisconsin farmers collectively earned an estimated record $2.4 billion in net farm income in 2011, according to a report by UW-Madison agriculture economists.

The higher income — up 17 percent from 2010 and three times more than in 2009 — was fueled by record prices for corn, soybeans, milk, cattle and hogs, the 2012 Status of Wisconsin Agriculture report said.

The report, which was released Wednesday in conjunction with the Wisconsin Agricultural Economic Outlook Forum at UW-Madison, said all of the state's commodity sectors didn't benefit equally. For instance, farmers who had to buy grain or grain-based products to feed livestock saw their profits trimmed.

"For dairy farmers who purchased all of their feed in 2011, milk income over feed costs was about the same as 2010, even though milk prices were (about 25 percent) higher," the report noted.

The report also said dairy farmers' profit margins may shrink in 2012 because grain prices are expected to remain high while milk prices may drop 6 to 10 percent. It also said other factors such as the drought in Texas and the dollar's performance overseas could affect dairy profits.

But the overall farming income numbers in the report were very positive. It noted that the combined net worth of the state's farmers increased by $1.2 billion, or 3 percent, during 2010. That more than erased the $700 million drop in 2009.