Net farm income expected to drop

Despite predicted nationwide decreases in net farm income, some South Dakota farmers are optimistic the state could have a good year if the weather cooperates.

The U.S. Department of Agriculture says net farm income is forecast to decrease 18-percent nationwide.

South Dakota News Watch reports net cash farm income for Northern Great Plains farms could drop by 12-percent.

Good production could offset lower prices. Dave Schriever, vice president of First National Bank in Philip, says it’s too early to know if farm income will be down. He says if production is good and the price is lower, you can still have a pretty good gross profit.

Much will hinge on the weather. As of July 13th, about one-third of the state was experiencing conditions ranging from abnormally dry to extreme drought.

July 19, 2023

Abbey Stegenga, South Dakota News Watch