Wednesday, April 3, 2013
Idaho Agriculture Continues to be Profitable
In a study conducted by the University of Idaho, Idaho agriculture broke cash receipt and net income records for the third consecutive year.
Cash receipts from sales of crops and livestock in 2012 are projected to be $7.72 billion, a 5% increase over 2011. Six of Idaho’s major commodities (wheat, milk, cattle and calves, barley, dry beans and potatoes) set records for cash receipts.
Idaho’s 2012 net farm income is projected to be $2.57 billion, 5% higher than in 2011, Total revenues are expected to increase by 7% to $8.70 billion, while expenses are projected to rise by 8% to $6.13 billion.
Revenues, expenses, net farm income, and cash receipts are calculated on a calendar-year basis, not a crop-year basis.
Wheat was Idaho’s second-largest crop by revenue in 2012. Revenues are expected to be $796 million, up 4% from 2011. Projected at 98 million bushels, 2012 production was down 16% from 2011. Wheat prices in 2012 climbed 8%, with the average price estimated to be $7.50 per bushel.