Farm Credit East Releases Dairy Farm Financial Report
Farm Credit East, the leading lender to the Northeast dairy industry, recently released the 2015 Northeast Dairy Farm Summary. This annual report compiles the financial results of hundreds of Northeast dairy farms to assess the financial health of dairy farm businesses in the region. This year, 487 dairy farms participated.
2015 was a challenging year for Northeast dairy producers as milk prices fell dramatically from 2014 levels. Many costs, such as feed, labor and fuel, declined in 2015, but not enough to counter falling milk prices. Average net earnings per cow declined from $1,169 in 2014 to $14 in 2015. The report also shows the wide variation in financial results among dairy farms as the top 25 percent of farms in the summary averaged earnings of $291 per cow compared to a loss of $245 per cow for the bottom quartile.
Farm Credit East’s annual Northeast Dairy Farm Summary looks at farms from New York, New England and New Jersey. The summary is used to help farms benchmark their results and identify areas for potential improvement. For a copy of the 2015 Northeast Dairy Farm Summary, click here, or contact your local Farm Credit East office.
Farm Credit East also hosted a webinar on Monday, May 9, to review the results of the 2015 Dairy Farm Summary and to discuss the current economic situation and strategies being employed by Northeast dairy producers. View webinar recording
For more information:
Contact: Kristie Schmitt