Stability of farm income by farm type 1993-2012
In general, farm incomes have been at higher levels since the 2005/2006 era when the ethanol mandate was put in place. Higher corn and soybean prices have led grain farms to higher income levels as compared to farms that had a significant livestock enterprise. Higher feed costs have led to lower levels of income on farms with a livestock enterprise. In general, hog farms have had an increased level of earnings as compared to either dairy or beef farms.
The authors would like to acknowledge that data used in this study comes from the local Farm Business Farm Management (FBFM) Associations across the State of Illinois. Without their cooperation, information as comprehensive and accurate as this would not be available for educational purposes. FBFM, which consists of 5,700 plus farmers and 60 professional field staff, is a not-for-profit organization available to all farm operators in Illinois. FBFM staff provide counsel along with record-keeping, farm financial management, business entity planning and income tax management.
For more information, please contact the State FBFM Office located at the University of Illinois Department of Agricultural and Consumer Economics at 217.333.5511 or visit the FBFM website.