According to the National Agricultural Statistical Service, January to May 1998 Iowa farm cash receipts are down 12 percent from January to May 1997 cash receipts. In fact, early indications are that net farm income may be down by as much as 35 to 40 percent in 1998 compared to 1997. The cash receipts table (page 5) shows that both crop and livestock producers have been hit this year by lower prices. As shown by the graphs, prices received by Iowa producers for all eight commodities are below last year’s levels and well below the five-year average. In addition, this year’s above-normal summer decline in prices will result in cash receipts falling even more by the end of the year.
Kaus, Philip and Smith, Darnell B.
"Iowa's Agricultural Situation,"
Iowa Ag Review: Vol. 4
, Article 2.
Available at: http://lib.dr.iastate.edu/iowaagreview/vol4/iss1/2