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Idaho farm cash receipts hit record as dairy and livestock lead growth, economist says
Summary
University of Idaho extension economist Brett Wilder told the Senate Agricultural Affairs Committee that Idaho's 2024 farm cash receipts are forecast at a record $11.3 billion, driven by milk and cattle, while input and interest costs continue to pressure producers.
Brett Wilder, an extension economist with the University of Idaho, told the Senate Agricultural Affairs Committee on Feb. 1 that Idaho's farm cash receipts likely reached a new record in 2024 and that livestock and dairy remain the primary drivers of the state's agricultural economy.
Wilder provided figures the committee can use to track industry health: "We're forecasting a new all time high at $11,300,000,000," he said, adding that milk accounts for roughly $3.8 billion of that total and cattle and calves about $2.9 billion. He also highlighted growing receipts in chicken eggs, forecasting about $160 million in cash receipts for eggs in 2024, which he noted could exceed receipts for corn in Idaho.
Why it matters: Wilder said agriculture and food manufacturing accounted for roughly 17% of Idaho's economic output and about one in nine Idaho jobs. He emphasized that livestock made up about 62% of cash receipts and that export activity is important: Wilder said Idaho is on track for about $1.4 billion in agricultural exports in 2024, with more than half of agricultural exports destined for Canada and Mexico.
Wilder described a mixed financial picture. He said real net farm income rose by about 12% to roughly $3.3 billion in 2024 and that government payments to producers fell year over year. Some input costs fell (fertilizer and pesticide spend down about 8%), but other costs remain elevated: feed expense is up 35% since 2021, fuel up 26% since 2021, and interest expenses increased to about $650 million in 2024, a 61% jump since 2021. "That higher level of fixed cost creeping up is having an impact on those smaller and those leveraged producers as well," Wilder said.
Wilder also discussed the cattle cycle and herd contraction. He said the U.S. cattle herd is in contraction and that global herd contractions (U.S., Australia, Brazil) have tightened global supply. "We're probably looking at a 2 to 3 year window before we truly have new supply in the system," he told the committee.
On trade and tariffs, Wilder said Idaho producers are preparing "what if" scenarios but that, as of his presentation, tariffs had caused only limited direct impacts to Idaho agriculture; he said most Idaho exports go to Canada and Mexico.
During Q&A, committee members asked about tariffs, food-manufacturing growth, the cattle herd, and poultry and eggs. Wilder said food manufacturing has expanded in Idaho both through growth at existing processors and new plants, citing examples such as new beef processing facilities in eastern Idaho and planned cheese plants. On eggs and avian influenza, he relayed an external economist's view that avian influenza has become endemic and could cause ongoing supply disruptions.
Ending: Wilder offered to provide follow-up slides and additional analysis to the committee. Several senators asked that his slide deck be circulated to committee staff.
