IDAHO WHEAT COMMISSION

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Idaho ag Sets Record, but Net Farm Income Down

Despite a severe drought and early season heat wave that depressed production, Idaho set a record for total farm cash receipts in 2021.
But farm and ranch expenses in Idaho also reached a record level in 2021 and total net farm income in the state declined by 8 percent last year compared with 2020.
According to the Financial Condition report, Idaho farmers and ranchers brought in $8.88 billion in farm cash receipts during 2021, which was 9 percent higher than the 2020 total and above the previous record of $8.79 billion set in 2014.
According to the report, total farm and ranch expenses in Idaho totaled a record $7.84 billion in 2021, which was an 8 percent increase over 2020.
When expenses are subtracted from total farm and ranch revenue, which includes things like government payments, machine hire and custom work, total net farm income in Idaho in 2021 is estimated at $2.39 billion, which is 8 percent below the record level of $2.6 billion set in 2020 and also below the 2019 total of $2.53 billion.