2024 Northeast Dairy Farm Summary & 2025 Mid-Year Outlook

Farm Credit East's 2024 Northeast Dairy Farm Summary & 2025 Mid-Year Outlook, includes data from 122 Northeast dairy farms. This year’s report also includes a forward-looking discussion and analysis from Corey Geiger and Abbigail Prins from Farm Credit East’s funding bank, CoBank.

Highlights of the 2024 Northeast Dairy Farm Summary & 2025 Mid-Year Outlook 

• Net earnings for our sample of 122 Northeast farms increased to an average of $592 per cow in 2024,¹ from $292 per cow in 2023.
• Total costs decreased by 5% from 2023 to 2024. Total expenses per cwt. decreased by $1.49 per cwt. to $26.54 in 2024.²
• Net cost of production³ (NCOP) decreased to $21.49 per cwt., $1.15 lower than 2023.
• Feed expense, a farm’s largest cost, decreased from $1,982 per cow in 2023 to $1,760 per cow in 2024.
• Productivity increased slightly. Per cow production in our sample herds was 0.6% greater than the prior year. Milk sold per worker decreased due to fewer cows per worker.
• Cash flow was sufficient, on average, to meet all financial commitments (e.g., operating expenses, debt repayment, family living and income taxes), resulting in an average cash margin (excluding government payments) per cwt. of $1.65.⁴
• Percent net worth in our sample remained at 68%. Both average assets and liabilities increased. Total debt-per-cow increased from $5,976 to $6,514.

2025 Mid-Year Outlook

Read this year's outlook article:

• Dairy Markets Show Both Upside and Concern by Corey Geiger and Abbigail Prins, CoBank

¹On an accrual basis, after family living, not including nonfarm income.
²Including family living.
³Total farm expense, plus family living, less non-milk income. 
⁴See figure 7A.