The year 2012 was a year to celebrate for Idaho agriculture, according to the "Financial Condition of Idaho Agriculture: 2012" report by University of Idaho College of Agriculture and Life Sciences economists.
Projected cash receipts from Idaho crops and livestock for growers and ranchers set a record of $7.7 billion. That's a gain of 5 percent, nearly $400 million, from 2011 projections. Idaho ranks as the West's fourth-largest agricultural state.
Net farm income also rose 5 percent, reflecting that strong crop and livestock prices outstripped the rising expenses agricultural producers faced in 2012.
Idaho's top five crops included:
Potatoes generated $957 million, up 4 percent.
Wheat generated $796 million, up 4 percent.
Hay generated $526 million, down 12 percent due mostly to a 4 percent drop in production caused by a cold, wet spring.
Sugarbeets generated $355 million, down 10 percent, reflecting a price drop despite higher production.
Barley generated $306 million, up 32 percent based on a bigger harvest and strong prices.
While farm revenues from all sources rose to $8.7 billion, a 7 percent or $565 million increase from 2011 projections, expenses rose to $6.1 billion, up 8 percent or $436 million. Net farm income totaled nearly $2.6 billion, up 5 percent from 2011.