USDA this week released its new farm income forecast. The department estimates average earnings for farm businesses will rise by 12% this year to $127,000 per operation. But that average income, which includes government payments as well as commodity sales, masks a lot of variation between types of farms.
Dairy operations are expected to average $585,800 — a 14% increase from 2024. Hog farms are projected to earn $428,200 (up 21%); poultry operations, $227,900 (up 30%); and cattle operations, $71,300 (up 71%).
Corn farms are expected to have average earnings of $158,100 this year, down 13% from last year. Net cash income is expected to average $123,700 for wheat farms (no change from 2024), $99,100 for soybean farms (down 12%) and $303,500 for specialty crops (a 2% increase).
Net cash farm income includes receipts from farming as well as cash farm-related income, including government payments, minus cash expenses.
The farm debt-to-asset and debt-to-equity ratios are expected to remain relatively stable but still above their 2015-2024 average.
