Learn Farming News

Farming can be a very fulfilling occupation for those who love to work the land and produce something from almost nothing. A farmer comes to love the crops and animals raised on the farm, for more reasons than just one. The business of farming is very complex and involves timing decisions regarding planting, fertilizing, harvesting, and selling. These decisions and others impact how much a farmer will earn.

Farmers must closely monitor the prices for each crop they produce and sell each item at the best time. The work is seasonal but involves long hours during planting and harvesting times. If the individual runs a livestock farm, year round work is required. When the income earned is compared to the hours worked, it is sometimes a very bleak picture.

Farming income varies from one year to the next and is sometimes even characterized by a year of profit followed by a year of loss. Incomes are dependent on changes in crop value, weather, and crop success. The U.S. Department of Agriculture forecasted that the average total income for a farm household was $85,140 in 2009. This figure includes payments from the federal government according to the type of crops or livestock raised. These payments help to supplement income and reduce the amount of risk inherent in this enterprise. Stripping away these payments, a May 2009 Bureau of Labor Statistics estimate of the mean annual wage of farmers and ranchers was $42,170.

As of 2008, there were 1.2 million people engaged in farming, ranching, or agricultural management. Most of these individuals raised crops and approximately 80 percent of them were self employed. It is expected that the number of farmer-owners will decline through the year 2018 as small farms are combined into larger ones due to lower prices for agricultural products.

Livestock, milk, soybeans, and corn are the items that did most positively during 2009 and into 2010. The economic outlook for livestock is expected to continue improving during the remainder of 2010. It is anticipated that consumers will increase animal product consumption, which will have a positive impact on cattle producers, dairy farmers, and others who raise livestock.

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