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: Winter Service Inspections for John Deere Equipment - The FarmCast Ep64

The FarmCast, host Troy Randall speaks with Doug Luedke, Vice President of Service, and Davin Peterson, Executive Vice President of Aftermarket at 21st Century Equipment, to discuss the importance of proactive service and how it helps farmers reduce downtime during their busiest seasons. The conversation focuses on the Winter Service Inspection Program, a comprehensive approach designed to keep equipment running at peak performance and limit costly in-season breakdowns through preventative maintenance and expert technician support.

Doug and Devin explain how 21st Century Equipment’s service teams have evolved to meet the needs of today’s connected machines. With more technology and data integrated into modern equipment, technicians now play a vital role in both mechanical repairs and precision ag support. Through advanced diagnostics, machine monitoring, and John Deere’s Expert Alerts, they can identify and address potential issues before they become major problems—saving customers valuable time, money, and frustration.

Throughout the discussion, the team shares real-world success stories demonstrating how proactive inspections and customer-focused service help maximize uptime and efficiency for every operation. Whether it’s a large tractor, combine, or small mower, the goal remains the same: to provide trusted, reliable support that helps farmers and landowners stay productive and confident in their equipment year-round.