IDAHO CROP AND LIVESTOCK CASH RECEIPTS, FARM PROGRAM PAYMENTS and FARM INCOME

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IDAHO CROP AND LIVESTOCK CASH RECEIPTS, FARM
PROGRAM PAYMENTS and FARM INCOME Projections for
2001 Dr. Larry Branen, Dean, College of
Agricultural and Life Sciences Lindy Hill,
Undergraduate Research Economist Paul Patterson,
Extension Economist Garth Taylor, Extension
Economist
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Idaho Cash Receipts -- 2001

• A record high of 3.6 billion
• Up 6 over 2000
• Higher prices offset drought yields
• Livestock surpasses crops
• Milk...Idahos biggest cash cow
• Livestock approaches 2 billion
• Livestock 54 of receipts

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Crop Cash Receipts -- 2001

• Hay -- up 6
• Prices up 22
• Drought yields down 13
• Onions -- up 29
• Prices doubled in 2001
• Potatoes -- down 16
• Prices constant
• Lower yields and acreage

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Crop Cash Receipts -- 2001

• Dry Beans down 10
• Production down over 20
• Prices up
• Barley -- down 3
• Prices up 5
• Production decreased 9
• Nursery and greenhouse steady

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Livestock Cash Receipts -- 2001

• Dairy, a remarkable recovery -- up 35
• Idahos top Ag industry
• Production up 7
• Prices up 26
• Cattle -- up 6
• prices up 5
• production up 1
• Other livestock -- down 2

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Idaho Cash Receipts... The Last 30
Years

• Nominal
• Record high in 2001
• 2001, 6 increase
• Real a different story
• 2001, 6 above 30 year average
• 30 year low in 1971
• Three years later, 30 year high in 1974
• Stability -- the 90s and 21st century

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Idaho Cash Receipts... The Last 30 Years

• Dairy -- Idahos number one
• Fifth straight year over spuds
• Livestock surpasses crops
• First time since 1979

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Government Payments - 50 Years

• Nominal
• 2001 record high 292 million -- 6 increase over
  2000
• 2000 record high 261 million -- 24 increase
  over 1999
• Real
• High -- 1986 and 1987 farm crisis years
• Low -- 1980 and early 50s

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Government Payments2000 vs 2001

• 2001 Payments
• Emergency increased to over half of total
• LDP almost half of 2000
• Conservation no change

• 2000 Payments
• Emergency a third of total
• LDP and Production Contracts both a quarter of
  total

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Idaho Farm Income... The Last 50 Years

• Nominal income -- record high in 2000
• Real income -- a different story
• 2000 real income 6 above 50 year average
• 50 year low in 1971
• 50 year high in 1974
• 90s decade much more stable

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Idaho Farm Income 2001 Considerations

• Minus factors
• Higher energy costs
• Higher fertilizer and other costs
• Potatoes still lagging
• Plus factors
• Record high cash receipts
• Record high government payments
• Electricity buyout payments
• Tax decrease

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Discussion