The University of Idaho recently released their annual report, “The Financial Condition of Agriculture: 2014,” revealing a strong financial year for farmers and ranchers in the state. 2014 was the fourth-straight record year for projected cash receipts; with $9.7 billion in sales of milk, livestock and crops and a 16 percent increase from 2013 projections.
According to the report, Idaho is the third-largest agricultural state in the West, after California and Washington. As measured by sales, agribusiness is Idaho’s largest industry.
Idaho also set a second-straight record achieving a net farm income of $4.53 billion, up 46 percent from 2013. Rising milk receipts were projected at $3.25 billion, a $677 million or 26 percent increase from 2013 and cattle and calf sales rose to $2.46 billion, a $552 million or 29 percent increase. All livestock sectors rose to $5.94 billion, a 27 percent overall increase.
Idaho ranks first in U.S. potato production, with projected cash receipts of $885 million. Despite the 7 percent drop from 2013, potatoes are still Idaho’s highest-value crop. Wheat and hay follow potatoes in projected cash receipts with $646 million and $605 million.
Hay yielded $605 million, as it is needed to feed Idaho’s growing dairy and livestock sector. Because much of it is produced and fed directly on dairy and livestock operations, economists valued the crop at $1.1 billion.
Livestock cash receipts surpassed crop cash receipts every year since 2001, with the exception of 2009. In 2014, livestock cash receipts are estimated to be 61% of total cash receipts and to surpass cash receipts from crops by $2.18 billion.