In reading through the 2014 Whole State Nebraska Farm Business (NFBI) summary book, a few things struck me as interesting. As we all expected NFBI net farm income declined from 2013 to 2014. 2014 net farm income was on a par with that of 2008. “Income from crop sales dropped by almost 50% from $196,870 in 2014 to $99,925. At the same time those whose major income comes from both crops and beef rose from $84,907 in 2014 to $192,630 or an increase of 56%.”
Debt for the NFBI farms has increased year over year from 2004 to 2014 by over 100% to just over $1 million. No single category, short, intermediate or long term debt, has increased to add debt. All areas have increased including non-farm personal debt.
Family living expenses is calculated by NFBI and was reported as well. Total family living declined slightly from 2013 to 2014 but was in excess of $140,000. For the third year, out of pocket family living was just under $100,000. When going back to 1977 NFBI shows no period where a significant decline in family living has occurred.
2014 irrigated corn yield averaged 206.46 bushels with total cash cost of $3.64 and a total cost of $4.15. Nebraska Extension 2014 projected irrigated continuous corn production cost with 13 acre-inches of applied water and 215 yield projected cash cost $2.94 and total cost $4.74.