Idaho Ag Record

Jan 09, 2025

Idaho agriculture achieved record earnings during 2024, according to a new University of Idaho Extension economics report, though the gains weren’t enjoyed by most food producers who raise crops.

Propelled by the strength of the livestock sector, Idaho farmgate cash receipts rose 4% from 2023 to all-time high levels of $11.3 billion, according to “The Financial Condition of Idaho Agriculture: 2024” by U of I agricultural economists Brett Wilder and Xiaoxue “Rita” Du.

Net farm income for the year rose 12% to $3.3 billion the second highest total ever.

Thanks to exceptional beef prices, Idaho ranchers earned $2.9 billion in revenue during 2024 from cattle and calves, which posted a third consecutive year of record revenue. Contrary to the national beef inventory, which has been contracting, Idaho grew its beef herd by 2% from 2023 to 2024, though the state’s herd rebuilding may be slowed by the loss of range to wildfires last summer. Milk prices that were up 10% from 2023 contributed to milk revenues rising from $3.5 billion to $3.8 billion.

Revenue from other livestock including trout, sheep, goats, chickens and eggs was up by 12% at $321 million.

Feed prices, however, plummeted. Hay cash receipts during 2024 were estimated at $448 million, down 27%.

Furthermore, revenue from wheat dropped 7% to $564 million, and barley revenue dropped 5.5% to $398 million. Potato revenue dropped by 7% to $1.25 billion. Sugarbeet revenue rose by 1% to an all-time high of $470 million, though Amalgamated Sugar Co. reported that 18% of the crop had to be replanted, raising production costs for many growers.

Livestock represented 62% of the state’s cash receipts in 2024.

Agribusiness is one of the state’s major industries, responsible for one of every six dollars in sales in Idaho.

“Agriculture seems strong, but as a whole there are going to be winners and losers. It’s going to be a pretty tough year for those in the crop sector,” Wilder said. “Only a few small sectors of the industry are actually doing well, and within those sectors it’s only a few individuals legacy folks who aren’t overleveraged and have economies of scale. Let’s say you’re a young hay farmer you had a bad 2024.”

Federal government payments to Idaho producers fell 13% in fiscal year 2024 to $111 million.

Source : uidaho.edu

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