Idaho Farmers Set Net Farm Income Record In 2020

2020 was a record year for Idaho farmers when it comes to net farm income. Idaho Farm Bureau Federation’s Sean Ellis said the numbers wouldn’t normally indicate a record year, as total expenses went up considerably last year while total farm gate revenue stayed the same. “In an average year, Idaho farmers will get somewhere […]

Farm Profit Projections Mixed Through 2030

The Department of Agriculture’s Economic Research service projections for farm profits are mixed through 2030. USDA ERS provides forecasts for net cash farm income and net farm income, two major profitability indicators of the agricultural sector. Net farm income is a broader measure of farm sector profitability that incorporates noncash items. Net cash farm income […]

Farm Sector Profits Forecast to Decrease in 2021

The USDA is forecasting net farm income to decrease $9.8 billion, or 8.1% in 2021, to $11.4 billion. The decline is largely driven by less expected government assistance to producers. In inflation-adjusted 2021 dollars, net farm income is forecast to decrease $12 billion in 2021 after increasing $37.8 billion in 2020 to its highest level […]

Idaho Farm GDP Continues To Grow; Net Income Sets Records

While challenging for individual commodities from time to time, 2020 continued a trend of solid farm economic growth in Idaho. Ben Eborn, Extension Ag Economist with the University of Idaho says farm GDP has grown at twice the rate of the state’s GDP. He noted this comes while the state struggles with the loss of […]

Farm Income Expected To Drop In 2021

With the end of 2020, farmers net income is expected to be up almost $120 billion dollars. A year over year increase of $36 billion. But, the news isn’t all good. “I think it’s clear that 2021 is going to see a much lower farm income than 2020,” said USDA Chief Economist, Robb Johannson. He […]

2020 Farm Income Higher Due to Government Payments

Net farm income, a broad measure of profits, is forecast to increase $36 billion to $119.6 billion in 2020. According to the Economic Research Service, in inflation-adjusted 2020 dollars, net farm income is forecast to increase by $35 billion, the fourth-straight year the income numbers have gone up. If the prediction comes true, net farm […]

Idaho Reports Top Per Capita Farm Numbers In 2019

Earlier this month, the USDA released 2019 farm income numbers, which showed Idaho tops in a variety of categories. Sean Ellis with the Idaho Farm Bureau Federation pointed out the Gem State is tops out of the 11 western states when it came to per capita Farm Cash Receipts in 2019. Ellis pointed out agriculture […]

Johannson Breaks Down Net Farm Income

Despite lower commodity prices and the ongoing pandemic, farmers may end up with higher incomes this year. “Net farm income now is forecast at $102.7 billion dollars, up almost 23% from last year,” said USDA Chief Economist, Rob Johannson. He added USDA’s new income forecast is showing farm receipts from sales of commodities is actually […]

USDA Farm Income Forecast Down 9%

Earlier this week, USDA analysts released their first farm income forecast for 2020, and for net cash income.   “We’re actually looking at about a 9% decrease down to $109.6 billion,” said senior USDA economist, Ashley Hungerford.   She added the decrease is not because of a drop in sales receipts for crops and livestock.  USDA […]

Net Farm Income Expected To Be Up Compared To 2018

The USDA released its August farm income forecast Friday.  And economists expect net farm income to come in at $88 billion, up 4.8% year over year.  USDA deputy chief Economist, Warren Preston says net cash farm income is also forecast to increase.   “Even though we have both net cash income and net farm income […]