farm income

University Extension/Department of Economics

Farm Income

Farm Management In-ServiceAmes, Iowa

Oct. 11, 2010

Chad HartAssistant Professor/Grain Markets Specialist

chart@iastate.edu515-294-9911

University Extension/Department of Economics

Value of Crop Production

Source: USDA, ERS

0

10

20

30

40

50

60

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$ B

illio

n

Feed crops Oil crops

University Extension/Department of Economics

Value of Livestock Production

Source: USDA, ERS

0

20

40

60

80

100

120

140

160

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$ B

illio

n

Meat animals Dairy products Poultry and eggs

University Extension/Department of Economics

Relative Changes in Value

Source: USDA, ERS

0.8

0.9

1

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1.8

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

(Val

ue in

200

0 =

1)

Meat animals Dairy products Poultry and eggs

University Extension/Department of Economics

Value of Ag. Production

Source: USDA, ERS

80

100

120

140

160

180

200

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$ B

illio

n

Crops Livestock

University Extension/Department of Economics

Production Costs

Source: USDA, ERS

0

25

50

75

100

125

150

175

200

225

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$ B

illio

n

Farm origin Manufactured inputs Other purchased inputs

University Extension/Department of Economics

Government Transactions

Source: USDA, ERS

-15

-10

-5

0

5

10

15

20

25

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$ B

illio

n

Direct government payments Property taxes and other feesNet government transactions

University Extension/Department of Economics

Net Farm Income

Source: USDA, ERS

30

40

50

60

70

80

90

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$ B

illio

n

University Extension/Department of Economics

Net Farm Income

Source: USDA, ERS

0

10

20

30

40

50

60

70

80

90

$ B

illio

n

University Extension/Department of Economics

Value of IA Crop Production

Source: USDA, ERS2010 Projections by Hart

0

1

2

3

4

5

6

7

8

9

10

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$ B

illio

n

Feed crops Oil crops

University Extension/Department of Economics

Value of IA Livestock Production

Source: USDA, ERS2010 Projections by Hart

0

1

2

3

4

5

6

7

8

9

10

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$ B

illio

n

Meat animals Dairy products Poultry and eggs

University Extension/Department of Economics

Relative Changes in Value

Source: USDA, ERS2010 Projections by Hart

0.8

1.3

1.8

2.3

2.8

3.3

3.8

4.3

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

(Val

ue in

200

0 =

1)

Meat animals Dairy products Poultry and eggs

University Extension/Department of Economics

Value of IA Ag. Production

Source: USDA, ERS2010 Projections by Hart

4

6

8

10

12

14

16

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$ B

illio

n

Crops Livestock

University Extension/Department of Economics

IA Government Transactions

Source: USDA, ERS2010 Projections by Hart

-1

0

1

2

3

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$ B

illio

n

Direct government payments Property taxes and other feesNet government transactions

University Extension/Department of Economics

IA Net Farm Income

Source: USDA, ERS2010 Projections by Hart

2

3

4

5

6

7

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$ B

illio

n

University Extension/Department of Economics

Number of Farms

Source: USDA, ERS

0

200

400

600

800

1,000

1,200

1,400

$1 millionor more

$500K -999K

$250K -499K

$100K -249K

$50K -99K

$20K -49K

Lessthan$20K

Thou

sand

s

University Extension/Department of Economics

Value of Production

Source: USDA, ERS

0

10

20

30

40

50

60

70

80

$1 millionor more

$500K -999K

$250K -499K

$100K -249K

$50K -99K

$20K -49K

Less than$20K

$ B

illio

n

Value of crop production Value of livestock production

University Extension/Department of Economics

Net Government Transfers

Source: USDA, ERS

-3

-2

-1

0

1

2

3

$1 millionor more

$500K -999K

$250K -499K

$100K -249K

$50K -99K

$20K -49K

Less than$20K

$ B

illio

n

Direct government payments Motor vehicle registration & licensing fees

Property taxes Net government transactions

University Extension/Department of Economics

Net Farm Income

Source: USDA, ERS

-5

0

5

10

15

20

25

30

35

40

$1 millionor more

$500K -999K

$250K -499K

$100K -249K

$50K -99K

$20K -49K

Less than$20K

$ B

illio

n

University Extension/Department of Economics

Shares by Farm Value

Source: USDA, ERS

-10%

0%

10%

20%

30%

40%

50%

60%

70%

$1 millionor more

$500K -999K

$250K -499K

$100K -249K

$50K -99K

$20K -49K

Less than$20K

Value of ag. production Net farm income

University Extension/Department of Economics

Thank you for your time!

Any questions?

My web site:http://www.econ.iastate.edu/~chart/

Iowa Farm Outlook:http://www.econ.iastate.edu/outreach/agriculture/periodicals/ifo/

Ag Decision Maker:http://www.extension.iastate.edu/agdm/