9-13 IAT Net Farm Income '21

Economists say that this year’s rise in farm income is because of increased commodity prices.

Farm Bureau economist Veronica Nigh: “On the crop side, obviously a significant increase in receipts from corn, soybeans, and wheat, which are forecast to increase by $38 billion. But it's not all good news on the crop side, unfortunately, for specialty crop growers, vegetable and melon, and fruit and nut cash receipts are projected down by over $4 billion. On animal products, we're looking at an increase of $26 billion. On the dairy side, basically, no change, which is the third year in a row, unfortunately, for our dairy sector that we haven't seen an increase,” said Nigh.

But the US Department of Agriculture is projecting farm expenses up 7 percent from last year.

“Of course, that's influenced by an increase in fuel and oil prices, increase in fertilizer prices, and labor expenses. So, 7 percent is equivalent to about a $26 billion increase,”

Said Nigh.

With the second wave of fall harvests about to start, Idaho farmers will still bring in more than last year, yet pay out more in expenses in this drought-plagued harvest of 2021.