Eastern Idaho farmers are cautiously optimistic about 2015

Seventy eastern Idaho farmers, bankers, and educators met on Thursday to forecast how next year will pan out agriculturally.

“Nobody can predict the future, but those who can see where the future is first are going to potentially benefit there’s a lot of trying to predict what we think is going to happen next year here,” said University of Idaho agricultural economist, Paul Patterson.

Patterson said forecasting the 2015 farming is difficult because it changes everyday.

This year, eastern Idaho saw losses from two of the regions most produced crops.

“The rain we had in August, we had crop losses on hay somewhere in the $35 million $50 million and another $100 million maybe $120 million on the wheat and barley crops,” said Patterson.

Senior vice president of Northwest Farm credit services Doug Robison said the loss is not devastating.

However, it could create challenges for local farmers.

“Their ability to get financing. There is some risk associated with that loss that is going to be spread across a number of producers…so some producers will be more impacted than others,” said Robison.

To reduce that risk, Patterson urges farmers to be prepared with crop insurance and contracts.

“Farmers need to factor that uncertainty into their plans they make and make sure are they protecting themselves,” said Patterson.

It’s not all bad news for 2014.

Even with the years cooler temperatures during harvest the price tag on potatoes has increased from the year before.

Idaho has seen an increase of cash receipts with record high milk and cattle prices.

While most of the nation will see a decrease in net farm income, Idaho will see an increase because the state is more concentrated on livestock than other sectors of the nation.

There’s more good news for farmers.

Declining prices of fuel and fertilizer look to be a continuing trend for 2015.

Official numbers for the agricultural season will be released by the University of Idaho in January.