Farm incomes have been on a steady decline since their peak in 2013. Just how much incomes are depressed varies, sometimes greatly, by state. The most current USDA ERS data showing farm incomes dates back to 2017, but still tells a compelling story. David Widmar, of Agricultural Economic Insights, compares farm incomes from the 2011 to 2013 boom to the average of 2016 and 2017. “At the national level, net farm income has declined 42% across these two periods,” he said in a recent post. The Midwest was hit hard, with I-States falling by more than 60%, and areas outside of the Midwest fell even harder.
Efficiency and smart spending will continue to be imperative with no immediate end in sight for low prices.