UI report shows Idaho farmers, ranchers had strong 2012

ui university of idahoA University of Idaho report shows that 2012 was a strong financial year for Idaho farmers and ranchers.

According to the report by economists in the UI College of Agricultural and Life Sciences, projected cash receipts from Idaho crops and livestock for farmers and ranchers set a record of $7.7 billion. That’s a gain of 5 percent, nearly $400 million, from 2011 projections for the Gem State, which ranks as the West’s fourth largest agricultural state.  Net farm income also rose 5 percent, reflecting that strong crop and livestock prices outstripped the rising expenses agricultural producers faced in 2012.

Milk again rose to the top of Idaho agriculture’s money leaders, generating $2.4 billion. Idaho ranks third nationally in milk production, rendering more than 1 billion pounds of milk monthly.  The 2 percent increase in production in 2012 offset a 2 percent drop in prices to keep milk receipts essentially level.

Cattle and calf sales were strong, generating $1.7 billion, up 25 percent from 2011.  Livestock receipts overall rose 8 percent to $4.3 billion and represented slightly more than half of the state’s cash receipts.

Crops generated $3.4 billion, a 2 percent increase.  Idaho’s top five crops included potatoes, wheat, hay, sugarbeets, and barley.

While farm revenues from all sources rose 7 percent to $8.7 billion, expenses rose 8 percent to $6.1 billion. (UI)

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