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Extension economist: Idaho agriculture hit record cash receipts in 2023 but faces cost and interest‑rate risks
Summary
Extension economist Brett Wilder told the House Agricultural Affairs Committee Idaho posted an all‑time high in farm cash receipts and substantial export value, but rising interest, feed and fuel costs and industry concentration create financial pressures for some producers.
Brett Wilder, an extension economist based at the University of Idaho Caldwell Research and Extension Center, presented an economic outlook that highlighted a nominal all‑time high in Idaho farm cash receipts and several risk factors for 2024–25.
"We're looking at an all time high of $11,300,000,000 from Idaho agricultural production," Wilder said, and he noted milk and cattle as major contributors. Wilder reported milk cash receipts of about $3.8 billion and cattle and calves at roughly $2.9 billion for the period cited. He added Idaho exported about $1.2 billion in agricultural goods in 2023, with a 2024 forecast near $1.4 billion.
Wilder said livestock and dairy account for a large share of Idaho's farm gate value — roughly 62% of cash receipts from livestock/dairy combined — and that Idaho's agriculture contributes about 17% of the state's total economic output when agribusiness is included. He also summarized key cost pressures: feed and fuel costs remain elevated relative to 2021 (feed up about 35%, fuel up about 26%), and interest expenses for Idaho producers rose — he cited an estimated $647,000,000 in interest expense for 2024. Wilder said those higher fixed and input costs will weigh on producers, particularly smaller or highly leveraged operations.
On employment, Wilder reported agriculture provides tens of thousands of jobs in Idaho and that food manufacturing has been a growth area since 2016. He said net farm income was forecast to increase roughly 12% from 2023 to 2024 (a forecasted figure Wilder gave during his presentation), but he warned that some crop sectors would remain weak without stronger livestock demand. Wilder noted geopolitical uncertainty and trade risks will also influence 2025 prospects.
Committee members asked follow‑up questions on the role of agribusiness and processors in the state's economy, the potential for herd rebuilding in the cattle sector and how interest rates and lending programs affect capital access for producers. Wilder referenced federal programs such as the Farm Service Agency and the farm credit system as existing lower‑cost borrowing avenues for some producers, while noting leverage and asset structures vary by commodity and operation size.
