ARE FARMERS RICH?
Lindsay Mitchell
But since this three word phrase is one of the highest ranked search terms for our blog, Corn Corps, we decided to write about it.
The blog describes a typical farmer budget, and the difference between last year (when you probably made a little money) and this year (when you stand to lose some). We talk about how farmers must save in the good years to cover the bad.
And most importantly, that farmers are rich in a lot of other things that non-farmers often can’t even imagine.
Check out our post and see what you think! And if you’d like to add to the “educational” goal of the article, consider emailing it to your non-farm friends or sharing it on FB. We guarantee that anyone willing to read it will learn something.
Not surprisingly, it’s one of our highest ranking search terms. Apparently, tons of people want to know if farmers are monetarily rich.
And I think the answer is, no. They are rich in all the things that matter, but are pretty middle class. They just deal with a lot of money coming in AND a lot of money going out. And all that money coming in looks like a lot if you don’t know the whole story.
So here it is … the whole story. I hope you take the time to read through what sounds confusing and get to the summary at the bottom because it’s worth it! Promise.
INPUT COSTS
In order to grow a crop, farmers must buy things like seeds, equipment, chemicals and fertilizer (surely one of you has a bag of Miracle Gro around for the garden, right?). And there are also the costs that you don’t really think of like land, and maybe someone to help you get the crops planted or harvested in the span of a few weeks.
According to the University of Illinois, those costs – input costs – average to about $600 per acre for corn in Illinois. And, I should clarify: the $600 includes equipment, labor, seeds, fertilizer, and chemicals. No land. And land is expensive.
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