Northeast dairy farm income down in 2012
Northeast dairy farmers’ net earnings fell by 48% in 2012, according to Farm Credit East, the Northeast’s largest ag lending cooperative.
The information, compiled in Farm Credit’s ”2012 Northeast Dairy Farm Summary” report, shows net earnings per cow for participating dairy farms decreased to $415/cow, down from $797/cow in 2011. For the third year in a row, cash flow on the dairy farms was more than sufficient to meet financial commitments, including operating expenses, debt repayment, family living and income taxes. Net worth held steady at 72%.
Farm Credit East, in conjunction with Yankee Farm Credit and Farm Credit of Maine, compile the annual Northeast Dairy Farm Summary that looks at farms from New York, New England and New Jersey. The summary reviews all aspects of dairy financial information from participating dairy farm businesses. This year, 504 dairy farms participated.
Farm Credit East will host a webinar to provide an overview of the report, April 29, 10:30-11:30 a.m. (Eastern). The free webinar will also include reaction and commentary from an expert panel. Visit FarmCreditEast.com/webinars for registration information.
For further highlights on the 2012 Northeast Dairy Farm Summary, or to purchase a copy, interested parties can check FarmCreditEast.com.
Farm Credit East extends more than $4.69 billion in loans and has 19 local offices in its six-state service area. In addition to loans and leases, the organization also offers a full range of agriculturally specific financial services for businesses related to farming, horticulture, forestry and commercial fishing. Farm Credit East is governed by a 15-person board of directors. For more information, go to FarmCreditEast.com