Net farm income in North Dakota was at record levels for most representative farms in 2012. However, net farm income fell for both 2013 and 2014 and is expected to continue to fall through 2024. Commodity prices are expected to decrease slowly from current levels. Commodity yields are projected to increase at historical trend-line rates and production expenses are expected to return to normal growth rates. Debt-to-asset ratios for all farms except for the high profit farm will increase slightly throughout the forecast period. Debt-to-asset ratios for the high profit farms are expected to decrease slightly.