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The Farm CPA

RSS By: Paul Neiffer, Top Producer

Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.

Production Down, Income Up in 2011

Feb 26, 2012

We posted a couple weeks ago about production for almost all of the major crops in 2011 being down from 2010. Even though production was down, income for most of these crops seems to be up in 2011 from 2010. A recap of the major crops is as follows:

  • Corn -- $76.5 billion, up from $64.7 billion (18% increase)
  • Soybeans -- $35.8 billion, down from $37.5 billion (4.5% decrease)
  • Wheat -- $14.4 billion, up from $12.8 billion (12.5% increase)
  • Hay -- $17.8 billion, up from $14.7 billion (21% increase)
  • Cotton -- $7.3 billion, unchanged
  • Potatoes -- $4.0 billion, up from $3.7 billion (8.1% increase)
     

As you can see, almost all crops yield more sales volume than 2010 with lower production. This year, my guess is that we might see higher production, yet lower sales.

We will recap some of the income numbers by states during the rest of this week.

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