Idaho Ag Record
January 08, 2025
Idaho agriculture achieved record earnings during 2024, according to a new 果冻传媒麻豆社 Extension economics report, though the gains weren鈥檛 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 鈥�The Financial Condition of Idaho Agriculture: 2024鈥� by U聽of聽I agricultural economists Brett Wilder and Xiaoxue 鈥淩ita鈥� Du.
Net farm income for the year rose 12% to $3.3 billion 鈥� 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鈥檚 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 鈥� including trout, sheep, goats, chickens and eggs 鈥� 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鈥檚 cash receipts in 2024.
Agribusiness is one of the state鈥檚 major industries, responsible for one of every six dollars in sales in Idaho.
鈥淎griculture seems strong, but as a whole there are going to be winners and losers. It鈥檚 going to be a pretty tough year for those in the crop sector,鈥� Wilder said. 鈥淥nly a few small sectors of the industry are actually doing well, and within those sectors it鈥檚 only a few individuals 鈥� legacy folks who aren鈥檛 overleveraged and have economies of scale. Let鈥檚 say you鈥檙e a young hay farmer 鈥� you had a bad 2024.鈥�
Federal government payments to Idaho producers fell 13% in fiscal year 2024 to $111 million.
About the 果冻传媒麻豆社
The 果冻传媒麻豆社, home of the Vandals, is Idaho鈥檚 land-grant, national research university. From its residential campus in Moscow, U of I serves the state of Idaho through educational centers in Boise, Coeur d鈥橝lene and Idaho Falls, nine research and Extension centers, plus Extension offices in 42 counties. Home to more than 12,000 students statewide, U of I is a leader in student-centered learning and excels at interdisciplinary research, service to businesses and communities, and in advancing diversity, citizenship and global outreach. U of I competes in the Big Sky and Western Athletic conferences. Learn more at uidaho.edu.