Farm Bureau: Grain Farm Incomes Expected To Drop Significantly In 2015

Aug 05, 2015

American Farm Bureau News

Grain farmers should brace for a drop in net incomes this year as the prices for corn, soybeans and wheat have fallen significantly from recent years, according to the American Farm Bureau Federation.

The latest Agricultural Prices report, released last week by the National Agricultural Statistics Service, indicated the index of prices received for crop production was down 11 percentage points from the same time last year, while the prices-paid index was unchanged. The situation for corn and soybeans is even more telling, with corn prices down by more than 20 percent from last year and soybeans off nearly a third.

"Farmers will be tightening up and planning carefully to help control their costs," said Bob Young, chief economist for AFBF. "There's a lot less room for error at these prices."

A report last week by the University of Illinois' Dr. Gary Schnitkey suggested farmers will need to look at four areas in the months and possibly years ahead. These include reducing machinery purchases, closely managing seed, fertilizer and chemical costs, trying to negotiate lower cash rents and reducing family living withdrawals from the farm.

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Video: Agriculture Secretary Rollins Speaks at American Farm Bureau Federation Convention in Anaheim

One of the highlights at the 2026 American Farm Bureau Federation Convention in Anaheim, California, was an address by U.S. Secretary of Agriculture Brooke Rollins. During her remarks, she thanked America’s farmers and ranchers and said the Trump Administration is fully aware that food security is national security.

She also acknowledged the challenging times in Farm Country with low commodity prices and high input costs and said that’s why the President stepped in to help with the recent Bridge Assistance Program.

Montana Farm Bureau Federation Executive Vice President Scott Kulbeck says that Farm Bureau members are appreciative of the help and looks forward to working with the American Farm Bureau Federation and its presence in Washington, DC to keep farmers and ranchers in business.

Secretary Rollins said the Trump Administration is also committed to helping ranchers build back America’s cattle herd while also providing more high-quality U.S. beef at the meat case for consumers.

And she also announced more assistance for specialty crop producers who only received a fraction of the $12 billion Farmer Bridge Assistance (FBA).

It’s important to note that producers who qualify for Farmer Bridge Assistance can expect the Farm Service Agency to start issuing payments in late February. For more information, farmers and ranchers are encouraged to contact their local USDA Service Center.