Earnings Historically High in 2004 for Illinois Farmers

Record corn and soybean yields and good livestock returns account for significantly higher farm earnings in 2004 for Illinois farmers.  Returns to labor and management averaged $77,906 in 2004 for 3015 farms participating in FBFM (Farm Business Farm Management Association) program.  This was $22,228 above 2003 and $38,510 above the modest $39,396 of the last five years.  The total net farm income (which includes a return to equity) was $97,514 for 2004.  For this group of farms, corn averaged 184 bushels per acre and soybeans averaged 53 bushels in 2004.  Farm production per man year was $315,561.  The non-farm income per farm also rose to $27,280 and family living cost in 2004 was reported to be $52,695 per farm.

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