The 2018 Iowa Farm Costs and Returns Analysis shows a slight increase in net farm income last year but also a decrease in total farm assets and net farm worth.The average net farm income increased by 6% in 2018 to $58,832.,and the average value of net farm worth declined by 7% or $121,876.Iowa State University Extension Economist Alejandro Plastina says the Iowa Farm Business Association data was used in the analysis.
He says the rate of return for Iowa farmers has been dropping since 2013.
Plastina says one of the surprises from the report is that the size of the average Iowa farm declined by 21 acres, the lowest since 2013. He says a combination of factors led to that.
Plastina says the report was limited to farms with sales of $100,000 or more. The analysis did not contain 2019 information. The current year saw severe flooding and planting delays that could delay harvest and reduce yields.
