shop online at www.missourivalleyshopper.com May 16, 2017 • Page 7 Expectations of Farm Income By Shannon Sand SDSU Extension Livestock Business Management Field Specialist Measuring Farm Income Two methods of measuring farm income are used and reported on by the United States Department of Agriculture (USDA) and other reporting sources, Net Cash Farm Income and Net Farm Income. While the two use very similar words, the formulas and use of them is different, and should be understood when reading reports regarding one or the other to discuss and understand the current farm income situation. Net Cash Farm Income Net cash farm income (NCFI) is calculated by USDA by adding crop receipts to livestock receipts to show total receipts from farming, add in government payments and other cash income to total establish gross cash income. Then subtract the total gross cash expense, including interest expense. Net cash farm income is a financial indicator and can be used by individual producers to monitor profitability of their operations. More on utilizing the net cash farm income ratio can be found in Financial Measures for South Dakota Farms. Net Farm Income Net farm income (NFI) utilizes the same data used to determine gross cash income. Then, an accrual adjustment is made to indicate net inventory changes. Gross cash expense is a total of expenses, depreciation and requirements for hired labor. Subtracting gross cash income from the gross cash expenses utilizing this information provided the NFI. Net farm income is utilized in macro-economic evaluation of the farming sector. Minnesota Measles Outbreak Continues, Keep Immunizations Current percent, due to a combined reduction in price and quantity sold. •Soybeans-receipts increase 1.1 2017 Farm Sector Income Forecast percent amid a decrease in quantity PIERRE, S.D. – As a Minnesota measles outbreak In February USDA Economic sold. nears 50 cases, a South Dakota health official urges Research Service (ERS) release their •Cattle and calves-receipts 2017 Farm Sector Income Forecast. decrease 6.7 percent due to price state residents to make sure their immunizations are Nationally the net cash farm income decline. up to date. (NCFI), is forecasted to total $93.5 •Hogs-receipts decrease 4.7 perSouth Dakota reported its last measles cases in late billion, a $1.6 billion (1.8 percent) cent due to price decline. 2014 when an outbreak centered in Mitchell sickened increase from 2016 totals. These •Milk-increase 13.7 percent due 10 state residents and four out-of-state residents. Prior totals cover all agricultural sectors to increased production sold and to that outbreak, it had been 17 years since South across the nation. increase in prices. Dakota reported a measles case. On the other hand, net farm inExpenses “The good news is that South Dakota’s overall imcome (NFI) is forecast to decline by Expenses were also forecast for munization coverage rate for measles vaccination is 8.7 percent to $62.3 billion. The vari- 2017, compared to 2016. Overall the high, which is why we were able to contain the 2014 ation in these similar sounding fortotal gross expense number is exoutbreak with so few cases,” said Dr. Lon Kightlinger, mulas is due to the change in crop pected to be similar to 2016 levels, state epidemiologist for the Department of Health. inventory held on the farm. There with variation in line item changes. “Unfortunately, there are some pockets where rates are is a forecasted $8.2 billion in the •Livestock and poultry purchas- not as high as they should be and that opens the door sale of crop inventories, which will es-decrease due to the reported de- for measles to spread.” increase the gross cash income in crease reflected in the cash receipts He encouraged health care providers and parents to both formulas, however the change above, mainly due to the decrease in check their children’s immunization records to make in inventories will also be reflected feeder cattle prices. sure they have the recommended two doses of MMR in the NFI accrual adjustment. •Fuel and oil- decrease 13.2 INTERESTEDdiesel THIS SPOT? IN (measles/mumps/rubella) vaccine – the first dose For comparison, the national percent due to an increase in at 12 months and the second between ages 4 and 6. NCFI and NFI levels peaked above fuel price. Call 665-5884 to place your ad here. asked health providers to be alert for Kightlinger also $120 billion in 2013 (Figure 1) with •Seed, Pesticide and Fertilizermeasles in anyone presenting with fever, cough, runny the record corn, soybean, feeder decrease 5.4 percent due to fewer nose and pinkeye followed by rash three to five days cattle and live cattle prices (Figure acres being planted. Call 665-5884 to • Labor-increase 5.5 percent amid later. www.missourivalleyshopper.com 2, Figure 3). According to the latest National Immunization Surplace your South Dakota Perspective ad here. rate increases. wage NFCI & NFI •Interest-increase 15 percent due vey, 94.1 percent of South Dakota’s 19-35 month olds have had one dose of MMR and 90.4 percent of teens As mentioned above, both NFCI to higher debt loads being carried Visit our Web site at and NFI are reported for all agriculand an increase in the interest rate. 13-17 years have had two doses. The department’s www.missourivalleyshopper.com tural sectors, many of which do not •Net rent expense (rent adjusted recent kindergarten survey shows 97.1 percent of kindergarten students in the state have had the recomaffect South Dakota. Nationally, cash for any income the owner may mended two doses of MMR vaccine. Three percent of receipts for most of South Dakota’s receive in the form of government main sectors are expected to depayments or share agreements)-2.7 the schools in the survey had 50 percent or fewer of crease, compared to 2016 levels. percent increase from higher rental their kindergarten students vaccinated with two doses of MMR. Visit our •Corn-receipts decrease 0.8 rates. Those who have received two doses of measles vacWeb site at percent. The percentage decrease is - See more at: http://igrow.org/ relatively small due to the offsetting livestock/profit-tips/expectations-of- cine or were born before 1957 are considered immune www.missourivalleyshopper.com forecast of increased bushels sold farm-income/#sthash.5zXX4PJ4.dpuf to the disease.” Call 665-5884 to Learn more about measles under the disease tab at and the declining price. place your ad here. http://doh.sd.gov. •Wheat-receipts decrease 16.6 Interested in this spot? www.missourivalleyshopper.com Interested in this spot? www.missourivalleyshopper.com www.missourivalleyshopper.com MV Shopper MV Shopper M I S S O U R I VA L L E Y Visit our Web site at www.missourivalleyshopper.com Interested in this spot? Visit our Web site at www.missourivalleyshopper.com In Print and Online! • 665-5884 Call 665-5884 to place your ad here. M I S S O U R I VA L L E Y YOU NEED IT TODAY? NO PROBLEM! 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