Iowa Study: Farm Income Falls 53% Since 2022
A new report from the Iowa Farm Bureau Federation, Iowa State University and the Iowa Bankers Association highlights the financial challenges facing agriculture, with Iowa’s net farm income declining 53% between 2022 and 2024.
According to the study, rising production costs, lower grain prices and ongoing trade uncertainty have created a third consecutive year of tight or negative margins for many crop producers. Since 2021, corn and soybean production costs have increased by more than 35%, driven by higher machinery, seed, fertilizer and chemical expenses.
The report also notes that the share of financially vulnerable farms has increased, although resilient farmland values continue to provide some stability. Livestock, particularly cattle, has remained one of the few bright spots, with strong returns helping offset losses for some operations despite high replacement costs.
Looking ahead, the study emphasizes the importance of stable export markets as global competition increases. Iowa agriculture remains heavily dependent on trade, and continued uncertainty surrounding tariffs and international markets could further impact farm profitability and rural economies.
Read the full report
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