A new report shows net farm income in Iowa dropped by 53 percent between 2022 and 2024. The Iowa Farm Bureau Federation, Iowa State University and the Iowa Bankers Association commissioned the study. Iowa State University ag economist Chad Hart says unlike the Farm Crisis of the 1980s, farmers aren’t carrying as much debt and the value of farmland is very strong, but farmers are facing a cash flow problem.
“Sort of the idea that I’ve got a lot in my retirement account, but my checking account’s fairly low right now,” Hart said, “so I’ve got a lot of value, but I can’t really access it to pay my bills. That’s the situation we’re finding ourselves in now.”
The report found that by the end of last year, nearly 20 percent of large and mid-sized farming operations in Iowa were financially vulnerable.
