South Dakota Farm Income Takes Big Drop in 2015
MITCHELL, S.D. (AP) — A study has concluded that farmers in South Dakota last year saw a drop in income of more than $100,000 from the previous year.
The Daily Republic reports the study was done by the South Dakota Center for Farm/Ranch Management at Mitchell Technical Institute.
It calculated the average farm income in the state in 2015 was about $39,000. That compared with about $168,000 in 2014 and the five-year average of $163,000.
Farm Management Program Director Jared Hofer says the drop in profit was mainly the result of lower grain prices and declining livestock values. He says above-average yields helped most farmers make a small profit.
The study was based on data from 111 farms. The Center for Farm/Ranch Management has tracked farm profits for about a quarter century.
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