While milk accounts for roughly 80% to 85% of our gross revenue on dairy farms, there’s untapped potential in diversifying the remaining 15% to 20% of income streams.

Idaho farmgate cash receipts and net farm income held near highs in 2023. Price changes varied greatly across commodities, but improved yields kept overall cash receipts elevated.

“No doubt, we’re going to be strong and growing for the foreseeable future,” says IDA CEO Rick Naerebout “It won’t be at the aggressive pace of the past because of processing capacity and having enough water to grow silage and hay long term.

Costs of production are a common theme of farm profitability. However, it is also often confusing, elusive and changing.

With drought plaguing much of the West and herd dispersals happening in affected areas, the industry is posed for a possible repeat. “So, let’s make sure we’re learning from the past,” Ross Bronson told viewers in a webinar hosted by Redd Summit Advisors.