Date of this Version
Ten years ago, there was a pattern in net farm income of a good year followed by a bad year, followed by a good year, and so on. From 1999 to 2002 we saw continual drops in net farm income, and since 2003 the pattern has been record high incomes followed by new record high incomes. Grain prices went on the rise and returns followed. In 2009, we recorded the first drop in average net farm income since 2002.