MOSCOW, Idaho—The year 2012 was a year to celebrate for Idaho agriculture, according to the “Financial Condition of Idaho Agriculture: 2012” report by University of Idaho College of Agricultural and Life Sciences economists.
Projected cash receipts from Idaho crops and livestock for growers and ranchers set a record of $7.7 billion. That is a gain of 5 percent, nearly $400 million, from 2011 projections. Idaho ranks as the West’s fourth-largest agricultural state.
Net farm income also rose 5 percent, reflecting that strong crop and livestock prices outstripped the rising expenses agricultural producers faced in 2012.
Report co-author Paul Patterson said he expects Idaho agriculture to face a number of challenges during 2013. Crop producers will experience a cost-price squeeze because of persistently high prices for inputs such as fertilizer and fuel they must buy but declining prices for commodities that they sell.
Potato growers will also struggle in 2013, Patterson predicted. Fresh market potato prices will remain substantially below cost of production well into 2013.
Potatoes, Idaho’s signature crop, generated $957 million, a 4 percent increase.
See the report at: http://projweb.cals.uidaho.edu/idahoagbiz/files/2013/01/financialcondition2012.pdf